Russian fintech market increased total revenue by 20% in 2023: study

As the study showed, despite the pressure of sanctions, strict conditions for an increase in the key rate and internal regulatory restrictions, Russian fintech demonstrates flexibility and adaptability.

Fintech market leaders at the end of 2023

1. The leader in 2023 was the Qiwi service with revenue of 27.4 billion rubles. The service took first place, despite a revenue drop of 8.9% year-on-year;
2. The second position was taken by Sberbank’s payment service YuMoney, with annual revenue of 19.8 billion rubles (+5.7% year-on-year);
3. Third place in terms of revenue is occupied by the developer of online cash registers and payment solutions, Evotor. At the end of 2023, the company’s revenue amounted to 13.4 billion rubles, which is 95% more than the result of 2022. The developer was involved in the implementation of SBP, software integration with cash registers from other manufacturers.

Fintech projects with greater growth dynamics

1. The fastest growing fintech company in 2023 was SaaS platform TYMY. Throughout the year, its revenue grew by 180%;
2. In second place in terms of growth rates is the financial market Sravni.ru. The company increased its revenue year-over-year by 133%. The main jump in the indicator occurred in the second and third quarters;
3. The third position, as in the previous category, was occupied by Evotor (+95% of revenue). In the second and third quarters the company recorded an increase in demand for connected cash registers. The number of SBP transactions on Evotors increased 10-fold in the June-September period.

Despite the positive dynamics of many companies, in general in 2023 the fintech market continued to experience pressure from a series of negative factors. The main challenges, according to Smart Ranking, were the growth of the key rate, the strengthening of industry regulation measures, the shortage of IT specialists on the market, self-restrictions of foreign partners caused by sanctions, as well as the monopolization of fintech. sector by state-owned companies and a general lack of preparedness for innovation.

Key trends for 2023

Despite the isolation of the Russian market caused by the outbreak of armed conflict, domestic fintech companies are developing in line with global trends, Smart Ranking found. In 2023, artificial intelligence technologies were actively introduced into the field, digital currencies were used, and instant transfers and payments using biometrics were developed. There is also a focus on B2B and regtech products.

According to Alexander Mezentsev, director of information technology at JSC Svoy Bank, this year the Russian financial technology market will continue to develop dynamically. The expert mentions the expansion of artificial intelligence technologies and attention to big data as key drivers of growth.

The main market players believe that this year the demand for low-code and no-code platforms will continue to grow and the digital ruble will enter a new stage of development. New business models are constantly emerging and the demand for regtech increases. More and more banks are shifting to in-house development and AI technologies are helping to generate revenue.