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Net Element, Inc. (NETE) to Accelerate Mobile Payments Business Growth with $11 Million Financing
Net Element builds shareholder value as a group specializing in mobile payments and value-added transactional services in developing countries and the US. It has recently announced that Alfa-Bank has increased Net Element’s Russian subsidiary OOO TOT Money (“TOT Money”) credit facility 115 million Russian rubles to 415 million (approximately $11 USD million at current exchange rate). The financing facility, known to be Russia’s largest private bank, will support the company’s pending growth stage and operations in Russia and the Commonwealth of Independent States.
TOT Money’s previous financing agreement with Alfa-Bank for 300 million Russian rubles (approximately USD $9.8 million, at the time of the agreement), was fully repaid with TOT Money’s working capital, in accordance with the terms of the agreement.
Quoting a representative at Alpha Bank, “We are pleased to extend this facility to TOT Money. TOT Money continues to revolutionize the transactional service market in Russia and we are pleased to support the company’s growth as it evolves and expands its service offerings.”
Chief Executive Officer of Net Element, Oleg Firer, underscored the importance of the credit facility and having a healthy business relationship with Alfa. Mr. Firer said, “Alfa-Bank understands our Company and its mission and this allowed them to structure the new credit facility to facilitate the continued growth of TOT Money’s business.” Commenting further, “This financing significantly heightens our liquidity position and enhances our ability to invest in growth opportunities in the region. We value having a lender with deep knowledge of the transactional services market and CIS region.”
Net Element is a technology-driven group specializing in mobile payments and value-added transactional services. The company owns and operates TOT Group, a global mobile payments and transaction processing provider; Unified Payments, an award winning payment solution provider; Aptito, a next generation cloud-based point of sale payments platform which manifests itself in the form of digital menus and kiosks in restaurants; and TOT Money – a company that has been ranked as the #1 SMS content provider by Beeline, Russia’s second largest telecommunications operator.
For more information on the company, visit www.netelement.com
