2can provides mobile point-of-sale functionality by turning iOS and Android devices into secure terminals that accept Visa and MasterCard card payments via a mobile card reader. Launched in September 2012, the product targets merchants in Russia where POS penetration is substantially lower than in Europe and the U.S., presenting growth opportunities. The company says it will use new funding to integrate with leading Russian banks and accelerate product development. 2can reported dramatic growth in 2013, claiming revenue increased 500-fold and the number of transactions through its terminals rose 200-fold, though no absolute figures were provided. The startup’s core offering focuses on ease of use for merchants and expanding bank integrations to drive adoption.

Total raised

$5M

Funding rounds

1

Latest round

Series B

Latest activity

Mar 2014