SimpleFinance, a Russian online micro-lending platform targeting small and medium-sized businesses, earlier this fall secured an equity investment from the SBI FinTech Business Innovation Fund LPS, EWDN reported.
The fund is affiliated with SBI Investment, one of Japan’s leading venture capital firms which invests in fintech, IT, biotechnology and life science.
Neither the amount nor any details of the deal were disclosed.
Launched in 2015, SimpleFinance offers several financing tools including factoring, asset-backed loans, unsecured loans (up to approximately $50,000), and tender loans.
SimpleFinance’s platform supports fully electronic document processing and online-only customer interactions. In addition, the company has built its own P2P-platform, called SimplyFi, for small and medium-sized businesses to raise funds directly from private investors.
The company competes with a number of banks or micro-finance organizations, but claims that none of these competitors has an identical product mix.