WASHINGTON, July 9 (RIA Novosti) – SBT Venture Capital, a division of Russia’s biggest bank Sberbank, led the recent venture round to raise $12 million for California-based financial software firm Sequent, the company announced this week.
In a statement, Sequent said the Russian bank had joined with existing investors Opus Capital and Jado Investments, both of which are headquartered in California, in the effort to generate fresh financing for the Redwood City-based company which was founded in 2010.
Sequent also said that Mircea Mihaescu, director of IT strategy and technology innovation for SBT Venture Capital, would join the company’s board under the terms of the deal.
Sequent CEO Robb Duffield said the new funding "…will allow us to continue to expand our team of industry experts, meet the growing market demand and scale for future growth," according to the statement, released Monday.
According to Sequent’s website, the company produces software and service platforms desige to help customers download payment cards and other credentials for making payments securely over their mobile devices.