Fintech startup heads to open banking

06.06.2018 | 11:25 Home / News / Fintech /
#Revolut #QIWI #open banking
Russian financial group QIWI has allowed the international fintech company Revolut access to its bank infrastructure through open API (Application Programming Interface), Banki.ru reports.

As we reported earlier, PSD2 (Revised Payment Service Directive) is already in place in the European Union countries since January 2018. PSD2 mechanisms oblige the banks to provide client data bases and APIs to third parties in financial sector. This approach makes room for open banking that excludes any mediators during financial transactions.


API QIWI makes it possible to use QIWI Bank as a tech platform that includes banking license and client identification technology, payment processing and card issuing.

Revolut will only provide financial services to natural persons in Russia. They will be able to access the core product in the launch stage – the mobile app and multi-currency Visa cards that withdraw cash via ATMs worldwide.

Card servicing will be free for all users. The launch of the product in Russia is scheduled for year-end.

Revolut co-founder Nikolay Storonsky mentioned earlier this year that he planned to enter the Russian market, aiming to surpass Tinkoff Bank and Rocketbank, which work in digital format.


In April, it was revealed that Revolut would see a five-times rise in value in under a year thanks to a new investment round. At that moment the company was valued at about USD 1.4 billion, not including the new cash.


Revolut startup was launched in 2015, London. Moscow Institute of Physics and Technology alumnus Nikolay Storonsky noted the decision to found a company in the UK had to do with the favorable environment in terms of laws and regulations. Additionally, it is a big market and Revolut could “make a fintech product from London for the entire Europe, which means 350 million people with decent average annual income”.

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