MTS buys 51% in blockchain platform Factorin for 867 mln rbl

MOSCOW, Jul 27 (PRIME) -- Russian mobile operator MTS has bought a controlling stake in blockchain platform Factorin for 867 million rubles, MTS said in a statement on Tuesday.

“MTS and international venture capital company Digital Horizon announce the acquisition by MTS of 51% of the equity capital of Factorin for 867 million rubles, including 350 million ruble cash-in investment to support the startup’s continued development,” MTS said.

The mobile operator also concluded an option agreement allowing it to retain a call option to acquire the remaining equity in Factorin from the startup’s founders in the future. The deal received all necessary corporate approvals.

MTS Vice President for Financial Services Ilya Filatov said, as quoted by the company, “This deal is yet another major step forward in the development of digital products and enhanced services for our B2B customers.”

Factorin owns and develops an innovative blockchain-based platform for trade finance transactions with a focus on supply chain finance and invoice factoring.

(74.0980 rubles – U.S. $1)

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