Alfa Bank invests in CardsMobile to “fully correspond to the digital future”

CardsMobile, a developer of contactless payment solutions, including mobile app ‘The Wallet,’ has raised an undisclosed amount in investment from Alfa Bank, a leading Russian commercial bank, in exchange for a 25% stake.

The funding will be used to develop further the app, which allows consumers to save all their loyalty, bank and transport cards in their smartphone. Alfa Bank will also provide business development support.

CardsMobile claims that its app has already been used to digitize more than 30 million plastic cards issued by such retail brands as M.Video, Nike, Rive Gauche, Samsung, and Sportmaster.

“We believe the future lies in digital, and a modern bank should correspond to that 100%, without restricting itself to offering financial services,” Michael Tuch, head of retail business at Alfa Bank, was quoted as saying in Alfa Bank’s press release.

“Working with The Wallet will allow us to offer even more benefits to our millions of clients, such as using cashback cards […], being the first ones to learn about discounts and special offers first, without carrying around [so many] plastic cards,” he added.

A resident of Skolkovo, the international tech hub under completion on the outskirts of Moscow, since 2015, CardsMobile attracted a previous investment from IT firm LANIT in 2016.

See the full scoop over at East-West Digital News: