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TECHNOLOGY LEADER FIDOR BANK AG AND LIFE.SREDA VC ARE SETTING UP A JOINT VENTURE IN RUSSIA

  • Fidor Bank and Life.SREDA announce their partnership
  • Both companies want to jointly develop the Russian market of online banking and payments
  • Further expansion of Fidor Bank AG international activities

 Within the framework of its international activities, the Munich Fidor Bank (www.fidor.de) announced at a conference “Money of the Future” in Moscow its cooperation with the Russian venture fund Life.SREDA (www.lifesreda.com).

Partners are establishing a joint venture that will offer innovative financial services under the brand name “Fidor” on the Russian market.

Fidor Bank will implement its technologies required for community banking, such as in its Internet- and Social-Media- Expertise. Life.SREDA would provide the working capital of the joint venture, as well as access to back-office of “Probusinessbank” (http://www.prbb.ru), member of Life Financial Group.

“The Eastern European market offers some very interesting opportunities,” – says Matthias Kröner , CEO Fidor Bank AG. “Russia has a huge growth potential in the financial sector. In addition, no one has yet implemented in Russia the community oriented approach used by Fidor Bank. Together with our partners, we see good prospects for our joint online project opening access to innovative financial services to everyone”.

The start of operations is scheduled for the first half of 2014.

Business Summary: Life.SREDA is a venture capital fund focusing on investments in financial technology-based mobile and Internet projects, but focused on unique ideas, strong founding teams and a strong monetization model, such projects as tablet computer LifePAD, innovative payment acceptance system LifePay, mobile apps builder MyApps , mobile bank Instabank, etc.