IQcard, a Moscow, Russia-based provider of multifunction bank cards, raised $3.7m in a Series B funding.
The round was led by Kenges Rakishev with participation from Fastlane Ventures and Direct Group as well as an unnamed large investor.
The company intends to use the funds to develop services, expanding opportunities for B2B-partners, current promotions and launching new projects with large retail chains, as well as entering in new markets.
Led by CEO Catherine Konovalov, IQcard offers prepaid VISA and Mastercard cards for customers – individuals and businesses – without the need to open a bank account.
Its IQcard is a prepaid bank card which allows clients to plan their family budget, retain parental control on a child’s first card and teach them financial awareness, make safer internet purchases, spend safely while traveling abroad, pay for a wide range of goods and services, send money transfers, obtain a loan and participate in a variety of bonus and coupon programs.