This Day On The Street
Continue to site
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

TOT Money Gets Voluntary Increase Of 100 Million Rubles On Credit Limit From Alfa Bank

Net Element International ( 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, announced that it has received additional capital of 100 million rubles from Alfa-Bank, Russia’s largest private bank. This credit facility was extended to TOT Money, Net Element’s mobile payment processing company, and is in addition to 300 million rubles (approximately $9.5 million) that Alfa-Bank extended to Net Element in September 2012 to support the company’s growth and operations.

Alfa-Bank voluntarily increased this credit limit on the factoring facility after endorsing the increase in business volume across TOT Money’s platform. The added working capital will allow for Net Element to continually expand its business.

“We have seen how TOT Money successfully continues to capitalize in their mobile commerce and payment processing initiatives in a short period of time and decided to grant them additional funds to increase their funding capacity,” said Ilina Polina, director of business development at Alfa-Bank. She continued: “In particular, the volume of business conducted at TOT Money continues to grow and surpass the needs and expectations of its clients.”

This additional working capital will aid in accelerating TOT Money’s strategic and financial initiatives.

About Net Element (NASDAQ: NETE)

Net Element International ( NASDAQ: NETE) is a technology-driven company that operates in mobile commerce and payment processing, as well as entertainment and culture Internet destinations in Russia and other emerging markets. For more information, visit

About Alfa-Bank

Founded in 1990, Alfa-Bank is Russia’s largest private bank in terms of total assets, total equity, customer accounts and loan portfolio. The full-service bank operates in most sectors of the financial market, including retail and corporate lending, investment banking, trade finance and asset management. According to its audited IFRS financial statements for the full year 2011, the Alfa Banking Group, which comprises OJSC Alfa-Bank as well as its subsidiary banks and financial companies, had total assets of $31.4 billion, gross loans of $23.2 billion, and total equity of $3.4 billion. Net profit after tax for 2011 amounted to $641 million. The Alfa Banking Group’s corporate and retail client base has grown considerably during the past several years. As of January 2012, Alfa-Bank Group serves approximately 55,800 corporate and 6.3 million retail customers, while the branch network consists of 465 offices across Russia and abroad, including a subsidiary bank in the Netherlands and financial subsidiaries in the United States, the United Kingdom and Cyprus. For more information, visit

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
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $95.03 0.21%
FB $116.73 0.00%
GOOG $691.02 0.00%
TSLA $247.54 -0.07%
YHOO $36.59 0.00%


Chart of I:DJI
DOW 17,830.76 -210.79 -1.17%
S&P 500 2,075.81 -19.34 -0.92%
NASDAQ 4,805.2910 -57.85 -1.19%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs