· It is clear that western sanctions are the main reason for Russia’s lacking FinTech deal activity so far in 2022 as Russian companies conclude only five deals from Q1-Q3 2022. Deal activity is expected to reach seven deals in total, based on activity in the first three quarters of 2022. FinTech investment has also grinded to a halt with projections for 2022 reaching $4.1m, a 93% drop from 2021 levels.
· Exodrive, a telematics data provider for the insurance industry, was the largest deal in Q1-Q3 2022 raising $2m in their latest Seed Round led by Softline Venture Partners. The company will use the money received for technological development and expansion of its international presence. “The agreement is a logical continuation of the development of intelligent transportation systems at Softline. Exodrive solutions are at the intersection of IoT and InsurTech. The integration of IoT devices to receive data from a wide range of sources and the increased use of telematics devices in the transportation and automotive sectors will stimulate demand for IoT insurance around the world,” said Elena Volotovskaya, Fund Director. Softline Venture Partners.
Russia sees lowest FinTech deal activity in Q1-Q3 2022 compared to last five years
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