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MALL PAY has obtained a payment services provider licence, and will start issuing its own cards and launch premium accounts in time for Christmas

A new level of payment on (and off) the internet for everyone. This is the mission of MALL Pay financial technology from the MALL Group and ČSOB bank, which has been granted a payment services provider licence by the CNB for small-scale payment services. This allow it to launch an entirely new product involving premium accounts that will be tied to an independent MALL Pay payment card. The licensing process in itself was unique – there are very few cases of an application by fintech with such close ties to e-commerce.

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Heureka has concluded its first startup acquisition in the Czech Republic by investing in Testuj.to

Heureka Group a.s., the operator of the Heureka.cz comparison shopping site, has purchased a share of Testuj.to s.r.o., which has developed and successfully established the Testuj.to marketing tool on the Czech market. Testuj.to is a simple software tool that works actively with customer communities and makes it possible to obtain quick and accurate feedback in the form of reviews. After two years of the project’s existence, Heureka is purchasing 15 % of the project with the option to increase this share to 40 % within two years. Heureka invested in the company when its valuation was CZK 35 million.

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Jakub Havrlant: Why the state should support young tech companies with private sector investors

The Czech Republic lags behind Western and Central European leaders in supporting new tech companies. Venture capital investments are 1/10 to 1/12 (per capita) of those in Germany or the Netherlands, and even half of those in Poland. Yet we have no shortage of either human capital or potential – companies like Seznam.cz or Avast are proof we are absolutely in the same league as global groups. For the time being, however, the Czech Republic lacks sufficient financial support or the requisite mind-set. And yet, reform of the current state of affairs could help our economy react to the COVID-19 crisis.

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