The Fund Horizon Capital has acquired 4% of the on-line bank ZAO Tinkoff Credit Systems for $ 40 million. So the whole credit organization has been estimated in $ 1 billion.

The negotiations on selling the shares were started in August this year.

ZAO Tinkoff Credit Systems is specializing on retail sales of credit cards on-line. Oleg Tinkoff, the founder and the major shareholder of the bank was reported in June to start an Internet business. He founded the company Tinkoff Digital, which will be operating in the sphere of Advertisement technologies, Internet projects and mobile applications.

ZAO Tinkoff Credit Systems was established in 2006 by Oleg Tinkoff. Goldman Sachs has become the first investor of the bank in October 2007. It acquired 10% for $9.5 million. The investment company Vostok Nafta Investment Limited bought 15% of the bank in May 2008 for $ 30 million.