Modulbank acquires three fintech startups

MODULBANK
Modulbank

Modulbank is specializing in online services for small and medium size businesses and made a deal with three fintech startups. Among other investors are FRII and “Aiti” companies. The creators of two of the acquired companies have received options to repurchase the block shares in these startups.

One of the acquired companies is Ufa city based “Unicloud”. The seller was Moscow based system integrator “Aiti”, the transaction amount was not disclosed. Under the agreement Modulbank acquired the rights to develop “Unicloud” and adopted the company’s staff (seven people).

Developments “Unicloud” had formed became the basis of “Portal 2.0” platform responsible for serving Modulbank customers. The first version of “Portal” created in conjunction with opening a Bank in 2014 could be improved: in particular, it was not designed to withstand heavy loads and frequent attacks.

The fact that “Unicloud” developers are working in Ufa was the reason for opening the development center of the bank in this city. The center employs more than 40 people. In addition, “Unicloud” has own CRM system “Dela”. Modulbank started to integrate it in its products to offer it to their customers in test mode. The advantage of integration is that customers can track the payment of invoices online.

Other acquisition Modulbank made is Novosibirsk city based “Avanpost”. It develops software for the online control of cash registers. The company employed several people. The company’s solutions will meet the requirements of the recently adopted law that requires the exercise of online fiscalisation of cash registers. The transaction amount was not disclosed. But according to Modulbank’s Chairman of the Board Mr. Petrov the bank acquired the controlling stake in “Avanpost” giving the founders an option to buy back a blocking stake. If the foreclosure takes place it will allow the company founders to get their share of the “Avanpost” profits. The mechanism of realization of the option is already running.

Modelbank has developed own product Modulpos based on the “Avanpost” . The company sells through its agents and also offers hardware (cash registers and equipment for acquiring credit cards). The company was the first in the market to launch a service for automatic savings and payment of taxes for the individual entrepreneur running on the simplified accounting system.

Third aquisition Modulbank was “The first online accounting” company. The transaction amount was not disclosed. The company employs eight people. Among the investors of the company at present is the state Fund for Development of Internet Initiatives (called FRII in Russian) – it continues to own 7% of shares.  Modelbank acquired controlling stake in “The first online accounting”. At the same time, as in the case with “Avanpost”, the bank gave founders the option to buy back a blocking stake in the company when it will have performed its range of indicators.

“The first online accounting” offers the opportunity to work with the accounting products of “1C” through “the cloud.” The company’s products are already integrated into the Modulbank’s solutions.

Modelbank was established in 2014, the company has offered online banking for small and medium-sized businesses. The founders of the company came from Sberbank – Oleg Laguta, Yakov Novikov and Andrei Petrov.

Originally Modelbank worked as licensee of the “Regional Credit” bank. The founder of the bank Artem Avetisyan became the main investor of the project investing 600 million rubles. Later “Regional Credit” was absorbed by Modelbank which refused service to individuals.

 

 

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