Rally had raised an undisclosed amount of seed funding at the end of 2010 from Floodgate Fund, Greylock Partners and SV Angel.

Business Growth Fund, which was set up by UK-based banks, invests in cash machine company Cennox.

The Mail.ru-backed Russia-based online procurement platform raises the funds from investors including venture firm Insight Venture Partners and private equity firm Da Vinci Capital Partners.

The financial-focused fund is the second announced by SBI in partnership with a peer this year.

InstaMed previously raised $6m in September 2010 to take its then-total to $22m.

"We plan to hire an additional 500 employees in 2012 to meet our growth targets."

In April 2010, L2C raised an undisclosed amount from venture capital firm QED Investors and McGovern Enterprises.

The "PayPal Japan" joint venture is expected to be led by Japan-based technology company Softbank's Hiroaki Kitano.

JPMorgan's chief executive of investment banking Jes Staley has joined the advisory firms operating committee as a non-voting observer.