Russian m-banking start-up raises $2m

Russian m-banking start-up raises $2m

Russian mobile banking start-up Rocketbank has raised $2 million in funding from tech-focused venture capital firm Runa Capital.

Launched last year, Rocketbank is not actually a bank, instead offering a slick mobile front-end for customers in the same vein as Simple and Moven. InterCommerce Bank does the heavy lifting behind the scenes.

Customers who sign up and pay around $9 a month get a platinum Visa debit card and the iOS app, which provides access to account details and various money management tools.

The app also has a Barclays Pingit-style feature, enabling users to send money to contacts using a mobile number or e-mail address rather than full account details.

The bank told TechCrunch that it plans to use the new funding for app development but also to move into new European markets as it seeks to build up its small userbase into the tens of thousands next year.

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