Net Element Nets $11 Million in New Financing
April 28, 2014
Net Element, a Miami-based mobile payments provider, said it has closed on new financing worth more than $11 million. The company said the capital infusion, led by Cayman Invest SA, is part of a larger round of financing totaling $30 million the company plans to complete this year. Oleg Firer, Net Element’s CEO, said the cash will be used to support “aggressive growth.”
Net Element began its life as a technology company providing 3-D video streaming, rich media storage and an algorithm to create personalized music playlists based on how individuals reacted to images. In September of 2013, though, the company acquired Miami ISO Unified Payments and refocused on mobile and electronic payment processing. The company subsidiaries now include payments processor TOT Group, cloud-based POS payments platform Aptito and TOT Money, which provides mobile payments via SMS in Russia.