Today after the closing bell, Net Element announced that Alfa-Bank, Russia’s largest private bank, renewed and increased the company’s Russian subsidiary OOO TOT Money (“TOT Money”) credit facility from 300 million Russian rubles to 415 million Russian rubles (approximately USD $11 million at current exchange rate).
This financing will support the company’s next stage of growth and operations in Russia and the Commonwealth of Independent States. Notably, the previous financing agreement was fully paid, using TOT Money’s working capital, in accordance with the terms of the agreement.
Oleg Firer, CEO of Net Element, stated, “Alfa-Bank understands our Company and its mission and this allowed them to structure the new credit facility to facilitate the continued growth of TOT Money’s business. This financing significantly heightens our liquidity position and enhances our ability to invest in growth opportunities in the region. We value having a lender with deep knowledge of the transactional services market and CIS region.”
For more information on the company, visit www.netelement.com
Let us hear your thoughts below: