In 2023, the total revenue of the 100 largest Russian fintech companies reached RUB 223.8 billion, a 20% increase compared to 2022. In the first half of 2024, it grew by another 15%.

This is stated in “The DNA of Fintech” study conducted by VTB Accelerator and IIDF Accelerator.

Payment services led the revenue sector in 2024. At the same time, it is noted that their growth has slowed.

Next are projects for small business accounting, financial marketplaces and B2B software development.

Despite rising revenue, investments in Russian fintech have decreased. Venture capital funding for startups dropped to $6 million in 2023.

The Russian fintech startup ecosystem is dominated by projects focused on the B2B segment with over 80% of players offering solutions for business process automation and optimization.

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