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We have Russian investment news today as venture fund Almaz Capital Partners backs  2can, a Russian startup specializing in Square-type mobile payments. Founded in September of this year, the startup already includes as investors the Russian venture fund InVenture Partners and company co-founders Nikolai Zhmurenko and Yuri Vladimirov, among others.

2can’s business is modeled after Square, the US-based company created by Twitter co-founder Jack Dorsey. 2can’s product is a card-reader which provides for the transfer of money between credit/debit cards and phones. If the concept gains traction, it may greatly simplify the process of transferring money and simplify business in Russia. 2can currently accepts only Visa and MasterCard.

Almaz Capital Partners is a venture fund which was established by Aleksandr Galitsky. Other holdings by this fund include Parallels, Yandex, and Acumatica. In total, 2can’s investors have put $2,3 million (~1,7 million euros) into the startup since its creation.

Competitors

Besides Square, 2can has a number of Russian competitors, such as LifePay (a company we covered just last week), iPay, Yandex Money and Pay-me. Also there are alternative Mobi.Money, a company which provides software that allows customers to use their mobile accounts as a sort of bank account and to wirelessly transfer money with their phones.
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