MIAMI--(BUSINESS WIRE)--
Net
Element International (NASDAQ:
NETE) a technology driven group in mobile commerce and payment
processing, as well as in entertainment and culture Internet
destinations in Russia and other emerging markets, announced that it has
received additional capital of 100 million rubles from Alfa-Bank,
Russia's largest private bank. This credit facility was extended to TOT
Money, Net Element's mobile payment processing company, and is in
addition to 300 million rubles (approximately $9.5 million) that
Alfa-Bank extended to Net Element in September 2012 to support the
company's growth and operations.
Alfa-Bank voluntarily increased this credit limit on the factoring
facility after endorsing the increase in business volume across TOT
Money's platform. The added working capital will allow for Net Element
to continually expand its business.
"We have seen how TOT Money successfully continues to capitalize in
their mobile commerce and payment processing initiatives in a short
period of time and decided to grant them additional funds to increase
their funding capacity," said Ilina Polina, director of business
development at Alfa-Bank. She continued: "In particular, the volume of
business conducted at TOT Money continues to grow and surpass the needs
and expectations of its clients."
This additional working capital will aid in accelerating TOT Money's
strategic and financial initiatives.
About Net Element (NASDAQ: NETE)
Net
Element International (NASDAQ:
NETE) is a technology-driven company that operates in mobile
commerce and payment processing, as well as entertainment and culture
Internet destinations in Russia and other emerging markets. For more
information, visit www.NetElement.com.
About Alfa-Bank
Founded in 1990, Alfa-Bank
is Russia's largest private bank in terms of total assets, total equity,
customer accounts and loan portfolio. The full-service bank operates
in most sectors of the financial market, including retail and corporate
lending, investment banking, trade finance and asset management.
According to its audited IFRS financial statements for the full year
2011, the Alfa Banking Group, which comprises OJSC Alfa-Bank as well
as its subsidiary banks and financial companies, had total assets
of $31.4 billion, gross loans of $23.2 billion, and total equity
of $3.4 billion. Net profit after tax for 2011 amounted to $641 million.
The Alfa Banking Group's corporate and retail client base has grown
considerably during the past several years. As of January 2012,
Alfa-Bank Group serves approximately 55,800 corporate and 6.3 million
retail customers, while the branch network consists of 465 offices
across Russia and abroad, including a subsidiary bank in the Netherlands
and financial subsidiaries in the United States, the United Kingdom and
Cyprus. For more information, visit www.alfabank.com.
Net Element International, Inc.
Francesco Piovanetti,
+1-787-993-9650
Source: Net Element International
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