International private equity group Finstar Financial Group has invested $3 million in a mobile marketing agency with hopes of growing its fin-tech business.
Finstar invested in Rocket10 and has the option to increase its equity stake in the future. It will use Rocket10’s mobile technology to foster growth across its companies.
Rocket10 will use the funds to boost advertising and technology development, especially in programmatic buying, buying automation and virtual reality. It also plans to strengthen ties with leading traffic generators.
If you’re a financial services company, mobile is where you want to be, Finstart Financial Group founder and chairman Oleg Boyko explained.
“It is estimated that the number of mobile phone users will hit 4.77 billion in 2017…Our venture investment in Rocket10 will help Finstar’s portfolio companies to create deeper, more interactive engagements with consumers.”
Cofounder Boris Abaev outlined the benefits to Rocket10.
“The transaction will significantly strengthen Rocket10 as we launch a joint venture in the US and expand our presence in Asia. Our recent acquisition of the Everyads mobile platform and technology for $1.5 million showcases our commitment to innovation and the opening of offices in Shanghai and San Francisco have bolstered our international presence. These are strategic markets for us, with more than 30 percent of Rocket10’s business coming from China and 40 percent from the US.”
Founded in 1996, Finstar has a presence in financial services, information technology, consumer retail and real estate. It has $2 billion in assets under management. So far this year it has also partnered with SME online lender Spotcap, P2P Viventor and fintech firm Euroloan
Rocket10 was founded by Alexander Kukuliev and Boris Abaev in 2015. Its clients include AliExpress, KupiVIP, FashionTV, IQ Option and gaming companies Gameloft, Elex and Unalis.