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.
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.
