Voloshin and Smbatyan become co-owners of a fintech startup

05.08.2022 | 15:54 Home / News / Fintech /
#Alexander Voloshin #Alexander Smbatyan #Bloomtech
The former head of the presidential administration of the Russian Federation and a member of the Board of Directors of Yandex, Alexander Voloshin, along with the founder of Genome Ventures, Alexander Smbatyan, became co-owners of Bloomtech, the fintech startup, RB.ru reports.

Experts interviewed by the portal agree that this is not a venture deal. Both partners have a high political weight making it easier to enter the Russian banking sector, and the market is now interested in platform solutions for banks as part of the import substitution trend.

This is more about partnership than an investment in the classical sense, says Alexander Gorny, co-founder of United Investors: “An investor like Alexander Voloshin invests not so much money but invaluable connections. A working technology and a resource to promote it is a perfect combination.”

According to the Unified State Register of Legal Entities of Russia, Voloshin and Smbatyan received 25% each in Bloomtech LLC in July 2022 - this company is working on platform solutions for the banking sector.

The project is being developed by Vitaliy Sattarov (now he owns 50%), also known as the founder of Ubic (developer of big data analysis solutions for government agencies and large corporations).

Bloomtech, according to information on its website, offers services for calculating the debt load indicator, automatic verification of customer data, anti-fraud, graph analytics.

The company positions itself as a “fintech platform for secure interbank analysis of data on accounts of individuals in order to reduce the risk of fraud and default.”

News-24.ru reports that Alexander Smbatyan founded Genome Ventures in 2015. It is noted that the company mainly focuses on technologies that contribute to the development of an individual approach to healthcare, education and communications.

Prior to this, Alexander Smbatyan worked as an executive in large corporations and as a co-founder of e-commerce and media startups. Currently he also consults leading Russian companies on innovation policy and technology entrepreneurship. He also completed programs at the Cambridge Business School and the Stanford Graduate School of Business.

Smbatyan and Voloshin are co-owners of Genome Ventures.

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