The company intends to use the capital for product development and marketing in Russia, and CIS and for the further global expansion.
Founded in 2011 by Laura Ashizheva, uBank is developing a mobile payment application (iOS and Android) that allows private individuals to pay for their phone, home internet, cable TV, and other bills and transfer funds right from their mobile devices or PCs.
The application allows to attach several credit cards of different banks and use them as sources of funds. It is preinstalled on all Samsung and Fly smartphones selling in Russia, which are leaders of smartphone market in Russia and CIS.
The company is currently developing apps for BlackBerry 10 and Windows Phone.