Yandex company announced its decision to finance Zenmoney project. Zenmoney is an online personal funds planning and accounting system. The project resides at Business Incubator Ingria. The financing is within “Yandex. Fabrika” program framework, launched in April

Under the terms of collaboration Yandex grants funds for the project development, and Zenmoney shall use Yandex’s API’s in future development. The first task to start the collaboration with was project integration with “Yandex. Money” API’s. Future investments are at issue. We remind that Zenmoney project passed the selection for participation in “Yandex.Start” Doors Open Day. As a result of selection, the project team went to Moscow to meet the Yandex leaders.

«We selected about 30 projects, 12 of which had a meeting with Yandex experts at Business Incubator Ingria.

In follow-up of the selection 2 projects were invited to Moscow to continue the negotiations. We are flattered by the fact that Zenmoney project in particular, a resident of Business Incubator Ingria succeeded to interest Yandex, and went all the way till its end to attract financing,” – Business Incubator Ingria project consultant Yevgeniy Barulin described the deal history.

 

We bring to your notice the interview on Yandex deal with the founder and general director of Zenmoney Anton Fedosin.

 

Hello, Anton! First off, let me congratulate you on this success story and ask you to tell about your project in a nutshell.

Zenmoney — online personal funds planning and accounting system. Our main point is to help in pursuing a goal, either in car purchasing or credit prepayment. We also simplified personal funds accounting having developed transaction import from leading Russian banks (Alfa-Bank, VTB24, Raiffeisen bank and others).

How many active users do you have so far? 

As to active, there’s slightly over 1000. Registrations in the service amount for much greater figure naturally.

What’s the project business model? 

Zenmoney has an integrated system of recommendations of finance services, which could help a person to achieve his or her goals. For example, you want to buy a car and have insufficient money. Zenmoney will offer you deposits with maximum profitability within accrual period, and if money is still not enough, it will sort out an auto loan with the least overpayment. A list of recommended deposits and credits will include offers from sponsor banks too. Today we have such partners as Svyaz-Bank and BKS Management Company, for example.

Are there analogs of the project? In Russia and in the West?

Sure, there are. The biggest and most well-known is Mint.com.

Have you ever attempted to attract financing to this project before?

No, this is the first time.

Please unfold relations history with Yandex.

We met during project selection for Yandex.Start in Business Incubator Ingria. After that we went to Moscow to do a presentation before Yandex managers and chiefs. That was when partnership negotiations started.

What mutual obligations did you and Yandex undertake?

Under the terms of collaboration Yandex gives us funds for development, and Zenmoney shall use Yandex’s API’s in future development. The first task to start the collaboration with was project integration with “Yandex. Money” API’s.

Does Yandex make any signs of its interest in future project acquisition?

This possibility is under discussion, but specific dates have not been named yet. As to present, Yandex will do the post investment supervision.

What became a key factor to make a decision on financing, in your opinion?

In our case Yandex invests first of all not in the technology, but in the team and project development perception. We have a strong team, we know our market well, and we know the direction of growth and development. I see it as the key factor.

What do you plan to spend the gained finance on?

Advertising and our team expansion. Now we’re looking for another developer and a PR-specialist.

Anton, was your already 1.5 year residence at Business Incubator Ingria helpful to your project in any way?

Yes, and for several reasons:

1)  Ingria possesses necessary infrastructure to elaborate the project, and while we’re in “Incubation” program we are permitted to use the co-working center and conference rooms.

2)  Should any question on project development arise, a specialist can always be found in Ingria, the one who will answer this question.

3)  Being a resident, we have a possibility to participate in the largest Russian and international fairs. We’ve visited RIW, RIF+KIB, Innovation forum, Kiev fair. It gives a chance to constantly widen professional contact list and find partners.

What would be your advice to first-time entrepreneurs?

A recipe for success: to believe in yourself, your projects, and work. Every day.

Ksenia Yolkina, “Yandex. Factory” project manager, comments on the deal: “Yandex really liked the team. We believe that when referring to startups, a lot depends on people. Besides, personal funds service is interesting potentially for development of several Yandex products, though now we’re not ready to buy and integrate the service as a whole. Exactly for that instance we have our program of investments in projects.”

By the way, if you personally are interested in Zenmoney project, you have enough necessary competencies, and you want to get in the project team, send your resume to the project coordinator in Ingria Oleg Rozhdestvenskiy with a remark “Work in Zenmoney”=)