- Another victim of the fresh sanctions against Russia will be the county’s FinTech industry. Russia recorded $56m in FinTech investment in 2021 a 5% decrease from 2020. Russian FinTech investment peaked in 2018 at $72m with 53 deals in total but capital inflows are expected to freeze this year given the current economic situation.
- Blockchain & Cryptocurrencies and InsurTech were the dominant sectors within Russia’s FinTech ecosystem last year. More than 17 million Russians (11.9% of the population) own cryptocurrency which is the second highest in the world by share of overall population, topped only by Ukraine with 12.7%.
- Russia has a very high FinTech adoption rate of 82% recorded in 2019, far exceeding the global average of 64%. The country has a high FinTech adoption across all sectors but especially in PayTech with 99.5% of consumers aware that there are FinTech services available to transfer money and make payments.
The data for this research was taken from the FinTech Global database. More in-depth data and analytics on investments and companies across all FinTech sectors and regions around the world are available to subscribers of FinTech Global. ©2021 FinTech Global
