👀 Russia🇷🇺: Why has the fintech market stopped growing as before❓

👀 Russia🇷🇺: Why has the fintech market stopped growing as before❓
In comparison to 2023, in 2024, the growth of Russian fintech revenues was only 14%, which experts say indicates a "turning point". This became especially noticeable in the second quarter. Overall, the payments services landscape looks as follows:

➡️ Causes of the slowdown: an increase in the key rate, a decrease in credit, tighter regulatory policies, and challenges related to the slow replacement of imports in the technology sector.

➡️ Impact on the sector: The main victims of this slowdown have been startups and new players, as investments in the sector have virtually ceased.

➡️ Top companies:

🎉 1st place — “YuMoney”, which has focused on diversifying its services. Their revenue last year was 23.7 billion rubles.

🎉 2nd place — “Tensor” (developer of software for business automation and a major operator of fiscal data for contactless payments) — with 17.5 billion rubles.

🎉 3rd place — “Evrator”, a manufacturer of smart cash registers, with 16.9 billion rubles.

➡️ The largest market segment remains payment services. The annual revenue volume in this sector reached 65 billion rubles, which represents a 19% increase.

➡️ The accounting sector led in growth terms, with a 27% increase in 2024, reaching 29 billion rubles.

➡️ Freelancers have become key market players, and services connecting contractors and clients have gained popularity.

➡️ Credit sector revenues fell by 1.1% in the last year, reaching 5.5 billion rubles.

➡️ Outlook: It is expected that market volumes will grow by the end of 2025. Key expectations include tax changes, decisions on the key rate, and government regulation of cryptocurrencies and blockchain. The main trend is automation and process optimization, in preparation for the next phase of growth.

#news #Russia

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