Finstar Financial Group, a fintech-focused international private equity group, announced on Wednesday it invested $3 million in Rocket10, a mobile marketing agency. Finstar also secured the right to further increase its equity stake in Rocket10.
Finstar revealed it would utilize Rocket10’s mobile marketing technology across the Group’s portfolio of companies, as part of the venture investment. Rocket10 revealed it would use the funds to accelerate its advertising and marketing tech developments, focusing on programmatic buying, buying-automation, and virtual reality technologies.
Oleg Boyko, founder and chairman of Finstar Financial Group, stated:
“Finstar is delighted to partner with Rocket10 and invest USD 3 million in its mobile ad marketing technologies. I strongly believe that this deal will allow the businesses to benefit from a range of first-rate digital advertising technology – especially our fintech-focused companies who are launching and growing in emerging markets. Financial services is a key focus area for Finstar and its portfolio companies. It is estimated that the number of mobile phone users will hit 4.77 billion in 2017. So mobile is becoming increasingly important, especially in the financial services sector. Our venture investment in Rocket10 will help Finstar’s portfolio companies to create deeper, more interactive engagements with consumers.”
Boris Abaev, co-founder of Rocket10, added:
“This partnership will give Rocket10 invaluable access to Finstar Group’s expertise and operational experience. 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 USD 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% of Rocket10’s business coming from China and 40% from the US.”
Earlier this year, Finstar established partnerships with Spotcap, an online lending platform for SMEs, Viventor, a P2P lending platform, Euroloan, a Northern European fintech company, and set up its own portfolio company, Digital Finance International. Rocket10’s global reach and technological expertise will allow Finstar’s portfolio companies to reach their customers in a more effective, cost-efficient manner.