Qiwi payment system closed a deal on buying Tatarstan’s “Innopolis” resident FINTECH accelerator InspiRussia; the latter was founded by venture capital fund with Russian roots Life.SREDA.
FINTECH accelerator InspiRussia was established as the Russian representative office Singapore accelerator InspiAsia. Financial terms of the deal were not disclosed. As reported by Life.Sreda, the Fund remained shareholder in InspiRussia.
“Qiwi received the resident status of SEZ “Innopolis” and plans to expand its own development team for the creation and development of processing systems for information technology services and payment services in global markets.
In the framework of its activities as a resident of Innopolis Qiwi plans to preserve and develop innovative projects using blockchain technology in the portfolio of the acquired company”, — stated in the company messsage.
InspiRussia previously reported that the accelerator is interested in projects in the field of blockchain big data technologies in the field of insurance, cybersecurity, artificial intelligence and others.
The projects selected by accelerator are promised investments from 500 thousand to 3 million rubles in exchange for 1-10% of a company three-month program with mentorship (including from experts Life.SREDA) and access to the platform partner banks – “Tatfondbank”.
Qiwi expressed interest in the blockchain before. Earlier it was reported that in 2017 the company will invest 100 million rubles for implementation of blockchain in the ecosystem of their products, and in November of 2016 Qiwi also announced plans to implement the blockchain in the power system of the Crimea.
InspiRussia – accelerator for startups in the field of blockchain technology launched by venture capital Fund Life.Sreda, along with “Tatfondbank” Innopolis in September 2016. It is the Russian subsidiary of accelerator InspiAsia, also founded by Fund Life.Sreda in 2015 in Singapore. Accelerator develops startups in blockchain, Big Data, artificial intelligence, bots, FINTECH, open infrastructure and others.
Qiwi is a payment service in Russia and the CIS that operates an integrated payment network that allows users to make payments via physical, online and mobile channels. It contains more than 17.3 million virtual wallets and more than 177,000 terminals and points of payment reception.