British fintech company Revolut, which has Russian founders, has forgone the plans to enter into the Russian market, The Bell reports citing its sources.

Revolut has confirmed that it is focusing on North American and Asian markets at the moment, while the Moscow and St. Petersburg offices, which are actively hiring, will provide support for the business and have no connection to the company’s entry into the Russian market.

Market players surveyed by The Bell believe Revolut might have two reasons to halt expansion into Russia.

The first one is country risk: Revolut did not want to be associated with Russia ahead of the recent funding round.


Another reason could be the slow development of the integration solution by Qiwi, Revolut’s supposed partner in Russia. “They had a great change to introduce Revolut in early 2019, but Qiwi turned out to be a rather slow developer,” The Bell has been told.

However, a source close to Qiwi considers the second assumption ungrounded and claims that the banks’ API is ready for integration with various fintech services including Revolut.

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