ITI Technologies, operating under the brand Finvale, has closed a $500,000 investment deal from a consortium of venture capital funds specialising in fintech.
Softline Seed Fund – a joint venture between Softline Group and Russian Venture Company’s seed fund – led the investment round, purchasing a minority stake for RUB 15 million. Da Vinci Capital, a leading emerging markets private equity fund manager, also co-invested in the deal from its co-investment fund.
Launched in 2016, Finvale develops innovative fintech marketplace for trading financial products as well as risk management and other solutions for traders. The Finvale platform facilitates the distribution of financial products by leading brokerages and commercial banks throughout Russia. Finvale also envisions opening its platform to non-financial products and expanding it to international markets.
Elena Volontovskaya, head of the Softline Seed Fund, said, “Our strategy is to finance breakthrough information technologies. Finvale will provide unique opportunities for professional investors throughout Russia to get fast, simple and efficient access to financial products.”
Da Vinci Capital managing partner Oleg Jelezko added, “online trading platforms are becoming increasingly popular with financial sector clients. In the future, the purchase of financial products will not differ significantly from the purchase of other goods and services on the internet.”