IQcard, a Moscow-based startup offering multifunction bank cards, has been selected as a winner in the Boundary Buster category of the Paybefore Awards.
This annual competition confers international recognition in the industry of prepaid, mobile and emerging payments. The awards are presented by Paybefore, a major industry publication.
“Just two years ago the potential of the Russian prepaid market was not clear; banks didn’t want to enter this business due to regulation constraints and uncertain financial benefits for both issuers and cardholders,” commented Svyatoslav Garal, Head of Acquiring and Prepaid for Visa Russia, which supported IQcard’s participation in the contest.
“IQcard launched their business in very difficult circumstances – but thanks to company’s flexibility and the vast experience of its management, they achieved noticeable results, while the huge potential of the Russian market has now become obvious,” he added.
Inspired by the US company Greendot, IQcard was launched by Fastlane Ventures in March 2012. The startup offers prepaid bank cards operating on the MasterCard and Visa platforms and supported by several Russian banks. More than 350,000 bank cards had been issued as of late 2013.
In March 2013, the startup secured a Series A round in which took place Paradigm Investments and TA Venture in addition to existing investors. In December, IQcard raised another $3.7 million from Kazakhstani businessman Kenges Rakishev.