Russian challenger lender Tinkoff Bank has acquired a majority stake in Just Look, the developer of Jump.Finance.
The financial value of the deal, which was undertaken on behalf of Tinkoff Business, was not disclosed.
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Jump.Finance offers payment automation services for taxi fleets, car dealers, scrap collectors, delivery companies and other businesses working with self-employed contractors.
Tinkoff Business is an affiliate of Tinkoff Group that caters to small, medium-sized and large businesses.
Tinkoff Bank chairman of the management board Stanislav Bliznyuk said: “Tinkoff Business has its own ecosystem of services for businesses, and Jump. Finance, one of the largest providers of payments solutions to individual contractors for companies, will make a great addition to it.
“By combining Jump.Finance technologies and Tinkoff Business infrastructure, we can create best-in-class solutions for companies across different sectors. We remain open to integrating other solutions into our ecosystem, where we can enable their significant growth by providing access to Tinkoff’s financial technologies.”
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By GlobalDataPost-completion of the deal, Jump.Finance will retain its team and integrate it into the Tinkoff Business ecosystem.
Jump. Finance is focused on medium-sized businesses and large businesses working with individuals and self-employed persons.
While the integration is expected to enhance Tinkoff Business’ offerings for businesses and entrepreneurs, Jump. Finance customers will also gain access to Tinkoff’s business finance offerings such as credit, identification, virtual card issuance and account management.
Jump. Finance co-founder and CTO Mikhail Kirichenko said: “We were able to build a fast-growing and profitable business from scratch by investing only our time, effort and savings. With this agreement, Jump. Finance will become available to all Tinkoff Business customers straight ‘out of the box’ when they open a new settlement account.”
