Tinkoff Bank to pump €25m in new European fintech venture
TCS Group Holding, the company behind Russian neobank Tinkoff, plans to invest €25 million in a new venture offering non-credit financial products.
Due to launch in 2020 with Tinkoff as its key seed investor, the new venture will be funded in tranches as it develops and grows.
The launch is also causing some management changes at TCS Group. Artem Yamanov, senior vice president and business development director, and Alexander Emeshev, vice president for new products, will be winding down their positions.
Both men are listed as founders of the new company, and also are co-investors.
Former chief operations officer at Tinkoff, Stanislav Bliznyuk, has stepped into Yamanov’s old role. Replacing him as COO is Pavel Khristolyubov, formerly vice president for corporate management at Luxoft.
Tinkoff Bank is the second largest provider of credit cards in Russia and holds a 13% share of the market. The bank has no branches and serves its customers through a combination of online communication and a cloud-based call centre.
It launched a free social network for investors in September 2019. The network will be accessible via the Tinkoff Investments mobile app, giving users the opportunity to meet traders, follow investors and share trading ideas.