The Internet Initiative Development Fund has completed the conversion of debt to equity of fintech company PimPay increasing its share from 5% to 15%, IIDF informed.
Since the previous investment round, PimPay's capitalization has increased 2.5 times, the investor has estimated the company at RUB 1.5 billion.
In the summer of 2018, the fund invested RUB 197 million in the company, including RUB 167 million in a convertible loan, RUB 30 million invested in the company's equity.
PimPay develops services for improving efficiency of online stores, providing more than 10 IT services for both small and medium-sized businesses and large e-commerce players.
