TCS ex-managers launch their own project in Asia, raise $16 mln for it

MOSCOW. Oct 24 (Interfax) - Two former top managers from TCS Group , Pavel Fyodorov and Georgy Chesakov, and the group's former business development advisor in the Philippines, Raffi Montemayor, have announced $16 million raised from a number of investors to develop a fintech startup in southeastern Asia.

A statement issued by their new company called Fintech Holdings Ltd. said the money will be used to boost its operations, acquire a Filipino bank (local regulator permitting) and launch services.

The funding came from the Emirati-based venture platform DisruptAD, a European venture capitalist and a group of Filipino investors.

After leaving TCS Group in the second quarter of 2022, the pair decided to set up a new business in financial technology, with the Philippines planned to be its first target market, the statement said.

TCS Group itself had been eyeing southeastern Asian markets. The group had been planning to obtain a banking license in the Philippines but the events early this year put its international expansion plans far on the back burner.

Tinkoff Bank has declined to comment on the announcement of the former top managers and the group's plans in this direction.