Fastlane et al. back IQcard

The round was led by Kazakhstani investor Kenges Rakishev, who was named by Forbes as one of Kazahkstan's 50 most influential people in 2012. He is also believed to have invested $13m in Fastlane in December 2012 and currently sits on the venture capital firm's board of directors.

Russian investment firm Direct Group also took part in the funding round.

Previous funding
Fastlane and Direct Group are founding investors of IQcard, having backed the company at its launch in 2012.

The two parties also contributed to a $2.5m funding round in March this year alongside Kiev, Ukraine-based TA Venture and Moscow-based Paradigm Investments.

Company
Founded in March 2012 and headquartered in Moscow, IQCard provides pre-paid bank cards to retailers. The company works with Mastercard and Visa, as well as several Russian banks, to provide its cards, as well as loyalty schemes and special credit conditions to cardholders.

People
Ekaterina Konovalova is the CEO of IQCard. Marina Treshchova is the CEO and a co-founder of Fastlane.

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• Topics
• CEE
• Expansion
• Financials
• Russia