Baring Vostok Capital Partners Limited is a venture capital and private equity firm based in Russia.     It invests on early venture, acquisitions, buy-outs, growth capital, later-stage, mid-market, and medium-sized enterprises that operate in sectors such as natural resource extraction, particularly oil and gas; competitive industrial companies that operate in local or export markets; mass media and telecommunications; utilities; construction materials; specialty manufacturing; real estate development; residential real estate development; internet; software; retail; and service management.     Baring Vostok Capital Partners was founded in 1994 and is based in Moscow, Russia with additional offices in Limassol, Cyprus and Gernsi, Channel Islands.

Baring Vostok Capital Partners

VEF is an investment company listed on Nasdaq First North Growth Market in Sweden under the ticker VEFL. We invest in growth stage private fintech companies across the emerging world. We take minority stakes and are active investors with board representation in each of our portfolio holdings. We respect the macro, but are firm believers that the secular growth trend of EM fintech outweighs all the macro uncertainty and volatility that we and our portfolio companies will invariably live through. A digital financial world is the end game and the best companies always come out of pockets of macro and market turbulence in a stronger relative position.

Mokka

Revo Technologies is a leading fintech company specializing in buy now pay later solutions for merchants in online and traditional stores.  We operate in CEE markets of Poland, Romania, Bulgaria.

<div>Revo Technologies is a Polish BNPL platform provider operating through its Mokka brand, which also offers services in Russia and Romania. Mokka can be used online and in-store and allows customers to break up transactions up to EUR 1,400 (approximately USD 1,700) into 1-24 month installments. Mokka integrates with e-commerce platforms such as Magento, PrestaShop, and Shopify, and claims to increase purchase frequency by 1.9x and average cart values by 2x-3x.</div>

Buy Now, Pay Later

Revo Technologies

<div>
 
 Revo Technologies is a Polish BNPL platform provider operating through its Mokka brand, which also offers services in Russia and Romania. Mokka can be used online and in-store and allows customers to break up transactions up to EUR 1,400 (approximately USD 1,700) into 1-24 month installments. Mokka integrates with e-commerce platforms such as Magento, PrestaShop, and Shopify, and claims to increase purchase frequency by 1.9x and average cart values by 2x-3x.
 
 
 In 2017, Revo received an investment of USD 5 million from Vostok Emerging Finance, which had taken a 25% stake in the company in 2015.
 
 
 In 2020, Mokka had a client base of more than 6.1 million registered customers and financed EUR 67 million (USD 76 million) in transactions across more than 7,000 stores. The platform is considered to focus on small-ticket purchases with an average loan size of EUR 126 (approximately USD 150) and an average term around seven months.
 
 
 In July 2020, Mokka announced its entry into the Romanian market, claiming to be the first such fintech company to enter the market. In May 2021, it announced signing six new retailers in the Romanian market and revealed plans to sign more than 500 partners by the end of 2021.
 
 
 
</div>

<div>
 
 Openpay is an Australian BNPL platform launched in 2016 offering flexible payment plans with deferments ranging between 2-24 months for transactions from AUD 50 to AUD 20,000 (approximately USD 36-USD 14,600). The platform focuses on the automotive, healthcare, home improvement, memberships, and education industries. In December 2019, Openpay was listed on the Australian Securities Exchange, raising AUD 50 million (approximately USD 35 million) in the process. This was roughly two years after it had to abruptly cancel its initial IPO plans and raised AUD 10 million (approximately USD 8 million) instead.
 
 
 Openpay&rsquo;s B2C solution offers equal weekly and bi-weekly installment plans at no interest, with longer terms typically offered for larger ticket purchases. Its proprietary risk management technology drives the platform&rsquo;s credit decisions, and it integrates with leading e-commerce platforms such as Shopify, PrestaShop, Magento, and WooCommerce. Furthermore, Openpay has a B2B trade account management solution that is separate from its BNPL service.&nbsp;
 
 
 Openpay generates revenue through merchant fees, which represent a percentage of the transaction value, customer fees (including late fees), an initial establishment fee, and a recurring plan management fee.&nbsp;
 
 
 Initially available in Australia and New Zealand, Openpay expanded its operations to the UK in June 2019, followed by a US launch in December 2020 under the brand Opy. However, it withdrew from the UK BNPL market in March 2022 citing its inability to compete in the market. It also revealed that it will continue to offer longer-term repayment plans for dental procedures and car repairs in the UK through partnerships.&nbsp;
 
 
 Key customers and partnerships
 
 
 It entered the veterinary market in the US via a partnership with ezyVet, which provides cloud-based software for veterinary professionals, and its plans are expected to be available on ezyVet platforms by early FY2022 in the US. It partnered with contactless payments firm Everyware in 
 <a href="https://sp-edge.com/updates/5954">
 October 2021
 </a>
 to offer the first-ever Pay-by-Text BNPL solution, followed by a tie up with American Express in 
 <a href="https://sp-edge.com/updates/7084">
 December 2021
 </a>
 .
 
 
 Openpay secured a strategic partnership with the payments processor Worldpay and Cross River Bank. As a result, Openpay&rsquo;s payment plans were integrated with Worldpay&rsquo;s payment gateway as the merchant acquirer for Openpay in the US, while Cross River was expected to serve as 
 <a href="https://sp-edge.com/updates/5806">
 Openpay&rsquo;s lender
 </a>
 for consumer financing loans to US customers, meaning it will fund and originate all loans on Openpay&rsquo;s US platform. However, in July 2022, Openpay announced that it&rsquo;s ceasing operations in the US market owing to economic headwinds stemming from rising interest rates and deteriorating consumer sentiment.
 
 
 Funding and financials
 
 
 In October 2021, Openpay closed a 
 <a href="https://sp-edge.com/updates/5847">
 revolving warehouse facility
 </a>
 of USD 271 million from Goldman Sachs and Atalaya Capital Management, to fund its planned expansion into the US. Openpay planned to use the facility on marketing and partnerships with payments processors and merchant aggregators, as it competes for US BNPL market share with rivals Afterpay and Zip Co&rsquo;s Quadpay. Moreover, Openpay announced plans to raise AUD 20 million (approximately USD 14 million) to execute its growth strategy in Australia and New Zealand (ANZ) in 
 <a href="https://sp-edge.com/updates/10610">
 May 2022
 </a>
 .&nbsp;
 
 
 In FY2021, Openpay reported a total transaction value (TTV) of AUD 339 million (approximately USD 256 million), growing 76% from AUD 193 million in (approximately USD 133 million) FY2020. Its revenue stood at AUD 26 million (approximately USD 19.7 million), reflecting YoY growth of 44%. Revenue was evenly split between customer and merchant fees. Furthermore, the platform&rsquo;s arrears rate increased to 2.8% from 0.8% in FY2020 due to early stage losses noted in the UK region.&nbsp;&nbsp;
 
 
 The platform grew active merchants to around 3,800, increasing 75% from 2,160 in FY2020. Total active customers amounted to 541,000 in FY2021, reflecting YoY growth of 70% from 319,000 in FY2020. However, Openpay reported a loss of AUD 63 million (approximately 48 million) in FY2021 compared to AUD 36.5 million (approximately USD 25 million) in FY2020.
 
</div>

Openpay

<div>
 
 PrimaHealth Credit (PrimaHealth) is a BNPL solution designated for elective medical procedures such as cataract surgery, orthodontic work, dental care, LASIK, and addiction treatment. PrimaHealth’s credit decision-making is handled in-house using proprietary credit underwriting models. With PrimaHealth, patients would pay 25% to 50% of the cost upfront, and the residual cost, running from USD 300 to USD 24,000, can be repaid over 2-4 months. PrimaHealth’s interest rates range from around 0% to 25% APR with an average loan size of USD 1,800 across all types of procedures.
 
 
 As of December 2020, PrimaHealth was available in Arizona, California, Florida, Oklahoma, and Texas, and plans to expand across all 50 states by 2021.
 
 
 
</div>

PrimaHealth Credit

<div>
 
 Laybuy is a New Zealand-based BNPL provider offering its services in Australia, the US (beta launched in December 2020), and the UK through a partnership with the streetwear retailer Footasylum in 2019. The platform partners with Experian, a multinational credit bureau, to help with its credit decision-making. Through Laybuy, users can make online or in-store purchases over six weekly payments with no interest charges if paid on time. The in-store offering is facilitated by Laybuy&rsquo;s &ldquo;Tap to Pay'' digital card, available in Australia and New Zealand as of March 2021 and launched in August 2021 in the UK. The platform has an average customer transaction limit of GBP 240, and any missed payments will result in the user account being suspended and a late fee of USD 10.&nbsp;
 
 
 Key customers and partnerships
 
 
 In May 2023, 
 <a href="https://sp-edge.com/companies/976316">
 ​​
 </a>
 Laybuy collaborated with New Zealand-based Centrix, a credit bureau, to develop a credit reporting system, 
 <a href="https://sp-edge.com/updates/18326">
 PayWatch
 </a>
 . The company also 
 <a href="https://sp-edge.com/updates/18595">
 partnered with Eventfinda
 </a>
 , an event ticketing and marketing platform, to embed its BNPL solution and offer flexible payment options for event tickets. Laybuy secured partnerships with merchants such as Rakuten, AWIN, and Sovrn, giving users access to more than 5,000 merchants in the UK, including WHSmith, Asos, Nike, Marks &amp; Spencer, Amazon, and eBay.
 &nbsp;
 
 
 Funding and financials
 
 
 In FY2022, the platform reported gross merchandise volume (GMV) of NZD 868 million (~USD 600 million), reflecting 47% YoY growth. The platform&rsquo;s revenue grew by 45% YoY to NZD 47.1 million (~USD 32.8 million). The UK operation accounted for the majority (~60%) of GMV in FY2022, improving on its ~50% share last year. The company also revealed that total active customers increased 23% YoY to 931,000, while total active merchants grew 50% YoY to 13,700.&nbsp;Laybuy was listed on the ASX from September 2020 to March 2023, after which it was 
 <a href="https://sp-edge.com/updates/15915">
 delisted
 </a>
 .
 
 
 In May 2021, it raised AUD 35 million (approximately USD 27 million) in funding via a private placement. The placement was executed across two tranches, AUD 13.1 million (first tranche) and AUD 21.9 million (second tranche). The funding was funneled towards its expansion in the UK, where it had seen 504% YoY growth in GMV in FY2021. The expansion drive included increasing headcount and sales and marketing efforts. 
 
</div>

Laybuy

Tamara is a Saudi Arabian BNPL platform provider offering customers the option to pay in 30 days or in three installments over 60 days at zero interest, making it Shariah-compliant. Tamara settles payments with merchants weekly for a commission-based fee, charging a late payment penalty of SAR 25 (approximately USD 7) from customers. These charges are capped at a lower rate between SAR 150 or 25% of the total transaction value. In September 2020, Tamara established a partnership with the e-commerce platform Salla, extending its reach to more than 10,000 merchants on the platform. As of June 2021, it operates in Saudi Arabia and the UAE with offices in Germany and Vietnam. In July 2023, Tamara <a href="https://sp-edge.com/updates/19954">secured a permit </a>to operate its flexible payment services from the Saudi Central Bank following a trial period of operation within the Saudi Arabian regulatory framework.Key customers and partnershipsThe company claims to be the market leader in the BNPL space in Saudi. It reported that its transaction volume grew 170% month-on-month and its customer base increased 180% month-on-month over the six months preceding its Series A round. As of January 2023, the platform had serviced over 9 million registered users and had over 30,000 merchant partners, including partnerships with firms such as IKEA, Jarir, Shein and Namshi. <a href="https://sp-edge.com/updates/27305">In March 2024</a>, Tamara partnered with UK-based <a href="https://sp-edge.com/companies/615710">Uqudo</a>, a digital identity verification platform, to enhance privacy and security on digital transactions. <a href="https://sp-edge.com/updates/25271">In January 2023</a>, the company partnered with Egypt-based <a href="https://sp-edge.com/companies/497895">Paymob</a>, a payment gateway platform, to provide an integrated solution that facilitated installment payments for customers in the Gulf Cooperation Council (GCC) region. Funding and financialsIn <a href="https://sp-edge.com/updates/24016">November 2023</a>, Tamara secured up to USD 250 million in debt financing from Goldman Sachs and Shorooq Partners. It comprises an incremental debt financing of USD 200 million of senior debt provided by Goldman Sachs (bringing its senior warehouse facility up to USD 350 million, an increase from USD 150 million raised in <a href="https://sp-edge.com/updates/17139">March 2023</a>) and USD 50 million mezzanine tranche led by Shorooq Partners, which brings the total warehouse facility up to USD 400 million. The company earmarked the funds to service its growing BNPL product demand and invest in developing new products and services.

Tamara

<div>
 
 Fly Now Pay Later is a UK-based consumer credit provider regulated by the Financial Conduct Authority. The platform provides its services exclusively to the travel sector through a direct-to-consumer app (Anywhere) and an integrated checkout solution. The platform allows consumers to spread the cost of travel over a maximum of 12 months, with a limit of GBP 3,000 (approximately USD 4,200). The plans&rsquo; interest rates vary depending on the applicant's borrowing history; therefore, users may incur a one-off credit transaction fee. The payment plans can be applied to flight bookings, hotels, and car hires.
 
 
 The company has partnered with travel brands such as Lastminute.com, TravelUp, Kayak, LycaFly, and Trivago.
 
 
 The company secured GBP 55 million (approx. USD 75 million) in 
 <a href="https://sp-edge.com/updates?industryIds=58">
 debt funding
 </a>
 from Atalaya Capital Management. The round follows its extended Series A round worth GBP 10 million (approx. USD 14 million) in May 2021. The debt infusion is earmarked to support its expansion efforts in the US, which it entered into in 2020.
 
 
 
 
 
 
</div>

Fly Now Pay Later

Solutions can use AI/ML to improve the quality of underwriting tools used in assessing consumers

Use of blockchain technology for customer screening is an emerging area

These platforms integrate with the merchant’s e-commerce checkout and primarily offer the BNPL solution through their app. Consumers are restricted to shopping at merchants integrated with the provider in most cases.

Revo Technologies

Buy Now, Pay Later

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