The SBI FinTech Business Innovation Fund, part of SBI Investments, has invested in SF Holdings Company, parent of Russian fintech firm MCC SimpleFinance (SimpleFinance).
SBI FinTech Fund, a JPY30bn ($271m) fund launched last year, will take up a seat on the SimpleFinance board as part of the deal and will be engaged in driving the strategic development of SimpleFinance.
SimpleFinance CEO Alexey Basenko said: “We are very pleased to announce completion of our debut equity fundraising, which also marks the first time that any Russian FinTech company has attracted a well-known international investor in the sector.
“SimpleFinance intends to use the funds for new loan issuance to continue growing its lending portfolio, which has expanded by 110% since 1 January 2017.”
Set up in 2015, SimpleFinance offers financing tools for SMEs. The firm has its own P2P platform known as SimplyFi that allows SMEs to raise funds directly from private investors, as well as a platform for tender loan requirements known as TenderHub.