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Fintech in Russia - statistics & facts

The 21st century’s digital revolution paved the way for fintech development worldwide. Financial technologies refer to any technological innovations which aim to automate the delivery and use of financial services. Initially, the technologies were related to banks only, but with time they became more consumer-oriented. Currently, fintech is understood as a broad variety of technological interventions into personal and commercial finance. At present, the market encompasses diverse sectors and industries, such as retail banking, fundraising, cryptocurrencies, and investment management.

Steadily growing investment in fintech on a global scale confirms a strong potential for this industry and further expansion prospects in the coming years. In Russia, the fintech transaction value amounted to nearly 400 million U.S. dollars in 2021, having steadily increased in recent years. Furthermore, the user count is expected to reach almost 130 million in 2026. Neobanking and digital assets were the segments projected to lose the most users due to the impact of the Russia-Ukraine war, in response to which Western countries sanctioned several Russian banks, and key international financial services providers like Mastercard, Visa, and PayPal stopped operating in Russia.

Online payments

Digital payments and personal finances are the two major segments of the fintech industry in Russia. In 2021, the total value of electronic payment orders was close to 836 trillion Russian rubles. Of them, 86 percent were made online. Overall, the value of bank card payments amounted to about 42 trillion Russian rubles. The dominant brands of bank cards in 2020 were Mastercard and Visa. After these brands exited the Russian market in 2022, their cards could still be used within Russia until their expiration.

Neobanking

Neobanks are fully digitalized financial institutions that lack physical branch networks and operate with products related to financial technologies. Thus, the rise of the neobanking market in Russia's contemporary financial industry was therefore closely related to the development of fintech. Over the recent years, the market has been growing at a steady pace and it is set to record over 707 billion U.S. dollars in revenue in 2027. One of the largest institutions in the segment, Tinkoff Bank reported more than 63 billion Russian rubles in net profit for the financial year 2021. The Russian payment system provider Qiwi Group, whose largest business segment was money remittances, accounted for a net profit of about 4.4 billion Russian rubles in 2021.

Interesting statistics

In the following 6 chapters, you will quickly find the 48 most important statistics relating to "Fintech in Russia".

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