The digital investment platform licensed by the Central Bank of the Russian Federation Upside from the developer Ripe Tech LLC received investments from the Tatarstan venture and investment fund in the amount of 7 million rubles.
The KazanFirst portal reported that Tatarstan is interested in the finalist startup of the Start-2 and Start-3 contests.
Forbes studied the details of the deal and found that, according to SPARK, the fund received 2.1% in the Upside deal in January.
The Upside project attracts investments from digital companies and digital content production agencies.
The platform has automated the process of selecting promising digital companies and diversifying the investor’s portfolio, so that users do not need to deeply understand the topic themselves. Investment interest is paid monthly.
The developers of the platform, which they themselves call an “anti-crisis savings strategy”, ensure an average annual return of around 24%.
The author of the project, which entered the market in 2021, is the creator of the fintech accelerators Qiwi Universe and Qplatform (former InspiRussia) Maxim Avdeev.
Its new Upside development passed the Eurasian Innovation Center accelerator program in 2022 and also received investment for business development.
“The partnership with IVF RT and the Eurasian Innovation Center has brought a new scale to business,” says Avdeev.
The additional financing will allow “quickly expanding the group of partners and investors”, which is necessary to provide borrowers with financial products in the required volumes.
According to Avdeev, Upside is now “the leader in online school loan and underwriting software.”
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