The volume of the Russian fintech market grew by 14.6% YoY in the first half of 2024, amounting to 115.5 billion rubles. In Q2 2024, the volume grew by 10.5% YoY, amounting to 56.2 billion rubles.

This is stated in the study conducted by Smart Ranking analytical agency, TASS reports.

“The market is expanding thanks to the creation of Russian IT solutions as part of import substitution, active introduction of AI in almost all company processes, and despite the increase in the key rate of the Central Bank,” the study says.

According to the study, “accounting” was the fastest growing fintech segment. Accounting companies grew by about 22% YoY. The segment began to rapidly grow amid the exit of foreign competitors. The revenue of the accounting companies in Q2 2024 amounted to 6.9 billion rubles - 4% less than in Q1 2024, but 22.2% more than in the same period last year.

The segments of marketplaces (+15%) and personal finances (+14%) have also significantly increased. In Q2 2024, the revenue from the personal finance services segment amounted to 5 billion rubles. The index grew by 14% against last year, but lost 6% for the quarter. At the same time, the revenue of marketplaces grew by 14.54%% as compared to last year, amounting to 7.7 billion rubles in Q2, and decreased by 7.66% as compared to the previous quarter.

According to Smart Ranking, the slowest year-over-year growth was recorded in the segment of “funds transfers” (-7%) because of the complexity of cross-border transfers. At the same time, the money transfer segment currently occupies about 6% of the fintech market. The total revenue of the sector in Q2 2024 amounted to 3.6 billion rubles, 12.7% less than in Q1, and 7% less than during the same period of 2023.

The revenue of payment services in Q2 2024 decreased by 13.4% as compared to Q1 2024, but the index has grown by 3.4% over the year. This is the largest segment of the fintech market, with a 26.1% share. The total revenue of the sector amounted to 15.1 billion rubles.

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