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The Next Web has reported that uBank, a Moscow-based mobile payment startup has raised $8 million. According to the post, the news was frst reported by Russian media and confirmed by TNW.

The funding is coming from Runa Capital, a Russian venture fund focused on technology startups. 

uBank is a mobile application for paying bills and making money transferes. The application boasts more than 100,000 downloads since its launch last year. 

TNW reported uBank will use the funding to extend its coverage beginning with Eastern European markets as well as add functionality to its app.

Read more about digital/mobile wallets.

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