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iTech Capital invests $10m in sms-service MFM Solutions

0 29 April 2014

iTech Capital has announced a $10 million investment in automatic SMS-service Mobile Finance Management Solutions (MFM Solutions) in return for an undisclosed minority stake in the company.

MFM Solutions’ platform can send up to 10,000 text messages per second, and currently delivers over 2 billion messages per month for its clients, which include banks, insurance companies, online and offline retailers and state organisations. In addition to advertising, clients use MFM Solutions’ platform to send payment confirmation messages.

According to its own estimates, MFM Solutions currently holds 40% of the Russian automised SMS market, a fast growing sector. According to J’son & Partners Consulting it grew by 70% in 2013, reaching $101 million. Confirmation messages from banks for card payments represent 70% of this, while promotional messages from retailers and other companies make up the rest. 

Victoria Podunova, management director at mobile solutions company i-Free, confirmed that MFM Solutions is “among the top three companies in the automised messaging sector in the past two or three years”, and added that the company is unlikely to lose its strong position despite serious recent changes to the regulations governing automatic messaging, which require organisations to gain the permission of the receiver before sending them any texts. 

Source: Vedomosti

Top image via Shutterstock

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