Central regions | Finance, business

Fintech developer gets further backing from federal fund

4 Aug '20
The Internet Initiatives Development Fund has converted the loan into the capital of the fintech company PimPay, thereby increasing its stake from 5% to 15%, the IIDF said. Since the last investment round, PimPay's capitalization has increased 2.5 times - the investor has estimated the company at RUB 1.5 billion.

PimPay, a resident of the Skolkovo Foundation since 2016, develops services for online stores to optimize finance and logistics. The company started 8 years ago with financing online stores for cash on delivery, now it provides more than 10 IT services for both small and medium-sized businesses and for large players in the e-commerce field.
“Our Pimpay resident provides online stores with a full range of financial and non-financial services on very comfortable terms due to the maximum automation of processes and data collection for scoring and analytics from hundreds of sources,” notes Pavel Novikov, Director of innovations in the financial sector of the Skolkovo Foundation. - Now more than 5 million orders and 2 billion rubles per month pass through PimPay. Having a digital platform at its core, entering new segments (food and medicine), reducing the cost of capital, removing regulatory barriers to trade finance, increasing online sales are factors that can have a positive impact on PimPay's business. ”
Among the company's growing services is the MetaShip delivery service aggregator, which allows you to switch between different delivery services and choose the best way to send a package, based on an analysis of delivery times, prices and ransom data, as well as Pikassa Internet acquiring, created taking into account features and needs of e-commerce market players.

PimPay's customers today are such companies as Yves Rocher, Decathlon, M.Video, Leroy Merlin, Fix Price, Mytoys.ru, Braun. The partners were Russian Post, Sberlogistics, CDEK, DPD, Boxberry, Pony Express, PickPoint (in total, more than 30 delivery services).

In the summer of 2018, IIDF invested 197 million rubles in PimPay, 167 million rubles. of which - in the format of a convertible loan. When converting the loan, the IIDF estimated the company at 1.5 billion rubles, which is 2.5 times higher than two years earlier.

Last year, the company was recognized as the best Russian fintech startup.
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