“Smartfin” company- the developer of the service of mobile acquiring “2can&ibox” has acquired cloud service for inventory management and trade “Store&Cash”. It offers entrepreneurs the interface for goods accounting and financial transactions. Smartfin’s acquisition will bring a range of innovative products for small and medium-sized businesses. The transaction amount was not disclosed. However, series A funding was announced at $500,000.
Store&Cash is operating in the Russian market for two years, offering paid services and software for inventory management and financial transactions for companies and private entrepreneurs. During this period the service attracted about 5 thousand subscribers among which are small and medium-sized businesses. Store&Cash is a user-friendly product in Russian language for affordable price. The system is adapted for management of warehouse inventory in Russia, Ukraine, Belarus, Kazakhstan, Uzbekistan, Moldova and other countries of the former Soviet Union, including Baltic countries.
In turn, the service of mobile acquiring “2can&ibox” allows its customers via the mini-terminals to accept credit cards in any location where a cellular data connection exists and connects to any smartphone. The service is most useful for companies engaged in the sale of goods and services with delivery or a visit to the customer.
It is expected that the transaction will lend synergy to the development of both businesses. “We plan to combine the efforts of developers of our companies to create new software solutions for entrepreneurs, — said General Director of “Smartfin” Dmitry Bogdashov. — In the near furtue we will release to the market a comprehensive solution in the field of mobile Finance for small and medium business with the help of Store&Cash “. The company plans to launch a mobile cash register for Android combined with a mini-reader and a fiscal printer.
New owner of “Store&Cash” is going to make the service free for their customers. “In 2017 we will focus on developing solutions for small and medium business, — said Dmitry Bogdashov. — The level of automation of small and medium-sized companies in Russia are not very high. However, representatives of this segment are now experiencing the need for easy to use affordable solutions. “Smartfin” initially focused its products for this audience, such as mPOS readers with compatible applications. After purchase of “Store&Cash”service we can create comprehensive product for entrepreneurs that will not only make their business more technologically advanced, but will also help to automate many document processes and accounting.”
In 2017 “Smartfin” plans to sell about 100 thousand of mPOS-terminals and some of them as a part of complex software products integrated with mini-reader. The turnover of the service, according to the copmany plans, should reach 70 billion rubles this year.