MTS buys controlling stake in Factorin blockchain platform for 867 million rubles

The mobile operator MTS has acquired a controlling stake in Factorin, the company behind the eponymous blockchain platform for trade finance.

MTS now owns 51% of the company, with venture builder Digital Horizon, which helped establish Factorin, holding 24%. The platform’s team retains a further 25%.

The purchase price amounted to 867 million rubles, of which 350 million will be allocated to developing the company. Following the deal, Factorin was valued at 1.7 billion rubles.

MTS said the new acquisition is aimed at expanding the ecosystem of financial services for corporate clients.

In 2020, the turnover of the Factorin blockchain platform exceeded $1 billion. Its clients include Russian retailers Magnit and Dixy.

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