PIM Solutions (formerly PimPay)

PIM Solutions (formerly PimPay) is a fintech company that develops services to increase the efficiency of online stores. The startup began its activities by financing online stores for the turnover of imposed payments; by the beginning of August 2020, it provides more than 10 types of services for participants in the e-commerce market.

History

2021

Raising 130 million rubles from private investors

On October 20, 2021, PIM LLC (the parent company of Pim Solutions Group of Companies) issued exchange-traded bonds with a 13% coupon and a circulation period of 3 years (ticker PIM BO-01). All bonds were redeemed on the day of placement. Earlier, the company placed commercial (OTC) bonds in the amount of 40 million rubles.

The underwriter of the issue is the brokerage company GrottBjorn, the company CarissaCapital acted as a collector.

According to representatives of Pim Solutions, this offering is an example of raising funds for the development of a startup through the issuance of corporate bonds on the exchange. Such a method of corporate financing is not yet very popular in the market. The fact is that access to this tool is opened only after reaching a certain level of revenue and profitability of the company, when yesterday's startup turns into a working business. Successful placement of PIM Solutions exchange-traded bonds can become an example and give rise to more active attraction of this instrument, the company believes.

Pim Solutions develops technology services for e-commerce market participants. Among them are solutions in the field of financing, logistics, analytics, acquiring. More than 40 thousand online stores have already used Pim Solutions services, more than 35 delivery services have been integrated throughout Russia.

The company has a credit rating of ruBB (Expert RA). The company's low current and forecast level of debt burden supports the rating level (the forecast is "stable").

"FRII de facto acted as the coordinator and bookrunner of the bond loan. We position ourselves as a smartmoney investment fund, which can also ensure the withdrawal of its portfolio companies to the exchange. The loan rate of Pim Solutions is formed taking into account market expectations on the yield of bonds of equivalent issuers, as well as the level of the key rate of the Bank of Russia. In light of the projected cycle of raising the Central Bank rate, the moment for placement was chosen successfully, "said Maxim Steigerwald, Director of Investments of the IIDF.

"The successful experience of resolving PIM Solutions exchange-traded bonds once again shows that the public debt market is available not only to large businesses, but also to active and steadily developing representatives of SMEs + segment. The presence of a qualitative analysis of oneself and its position on the market allows us to expand the range of instruments for attracting borrowed funds, which makes it possible for the business to scale up further, which PIM Solutions actually did, "said Roman Efimov, Executive Director for Capital Markets at the GrottBjorn Financial Studio.