Baring Vostok funds reach agreement to invest in two leading Russian fintech companies: Revo and Sorsdata
Baring Vostok today announces its newest investment in two of Russia’s more innovative and fast growing fintech companies, Revo Technologies and Sorsdata. Vostok Emerging Finance, which led the first investment round into the companies in late 2015, is co-investing with Baring Vostok in this latest transaction, totaling up to USD 20 million.
Revo is a first mover to leverage mobile internet and latest cloud technologies to deliver instant store finance services for leading on- and off-line merchants and services providers in Russia. Operating since 2013, Revo has a proven business model, an outstanding team, and a leading position in this fast growing segment.
Revo’s sister company, Sorsdata, leverages proprietary customer data and advanced digital marketing technologies to deliver personalized marketing services for merchants. This is a domain that is quickly developing in Russia and Sorsdata is well placed to become the market leader.
BVCPG Senior Partner Elena Ivashentseva comments:
“Baring Vostok is very excited to become partners of Revo and Sorsdata, their strong founders and management teams and Vostok Emerging Finance, with whom Baring Vostok funds co-invest in a number of successful projects. Revo and Sorsdata are active in the fast growing fintech sector in Russia, have highly scalable business models and leverage latest technology to deliver innovative services to the market. The new investments fit very well with Baring Vostok’s focus on fast growing Russian technology and e-commerce sectors. We look forward to working with and supporting the companies in the years to come.”
VEF managing Director Dave Nangle highlights:
“Since our initial investment in Revo and Sorsdata in 2015 we are impressed with their development and position as two of the CEE region’s most exciting fintech growth players. By participating in this round, we retain our strong commitment to both companies and welcome Baring Vostok as a quality partner for us in this region.”