This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Net Element International Completes 300 Million Rubles ($9.5 Million) Factoring Financing With Russia’s Largest Private Bank

Net Element International Inc. ( NASDAQ: NETE), a technology driven group in mobile commerce and payment processing, as well as in entertainment and culture Internet destinations in Russia and other emerging markets, today announced that its mobile payment processing company, TOT Money, has entered into a 300 million rubles (approximately $9.5 million) factoring agreement with Alfa-Bank, Russia’s largest private bank. The factoring agreement effective as of September 28, combined with a credit facility of 300 million rubles (approximately $9.5 million) that Alfa-Bank extended on August 17, will help support the company’s continued growth and development in mobile commerce.

TOT Money, a platform that facilitates transactions via SMS on any phone and mobile network in Russia, is expected to become the lead driver of Net Element’s mobile commerce payment processing division. Most consumers today prefer mobile commerce because of the safety, accessibility and convenience it provides.

As part of the factoring agreement, Alfa-Bank will serve as the collector and processor of accounts receivables for TOT Money and will provide TOT Money with financing to support its growth strategy. It will enable Net Element to directly pay its transactional partners in the value chain, significantly decreasing the time between the collection and distribution of profits garnered from sales.

“There is significant demand for mobile payment processing in Russia’s mobile commerce marketplace, and we believe that TOT Money is ideally positioned to capitalize on these unique market opportunities,” said Ilina Polina, Alfa-Bank’s business development director.

Dmitry Kozko, Net Element’s president, said, “This factoring agreement will enable the team at Net Element International to take TOT Money’s business to the next level and become one of Russia’s leading mobile payment processing companies. We are positioning TOT Money to process up to 600 million rubles per month in mobile payments and continue to attract top customers as we build upon our mobile commerce and payment-processing platform for Russia and other emerging markets.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

Chart of I:DJI
DOW 16,351.38 +293.03 1.82%
S&P 500 1,948.86 +35.01 1.83%
NASDAQ 4,749.9790 +113.8740 2.46%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs