8 Aug 2023 18:52

Rostelecom acquiring Fazum multibank platform

MOSCOW. Aug 8 (Interfax) - Rostelecom PJSC is investing in fintech startup Fazum, consolidating it as a result of the deal, the company said in a statement.

The total volume of investment was not disclosed. According to the Unified State Register of Legal Entities,Fazum LLC was created in April 2014 with charter capital of 10,00 rubles. The president of the company Andrey Leushev owns a 55% stake, with the remaining 45% belong to the LLC itself. Revenue in 2022 amounted to 684.6 million rubles, net profit - 280.8 million rubles.

LLC Fazum is a resident of Skolkovo. It is a developer of a microservice IT platform, which includes more than 300 services and allows for automating banking business processes, including CRM and customer acquisition, credit and guarantee processes, account opening and provision of additional banking services, factoring, leasing, document management and electronic archiving, as well as many others. The company's solutions have already been implemented in more than 20 Russian banks.

The market of solutions for automation of business processes of banks and financial companies is currently in the stage of transformation, the company said. This is due to active import substitution of foreign vendors leaving the market, as well as the high demand of banks for cloud infrastructure due to its deficit. In the next 3-5 years, the sales volume of Russian software is forecast to grow 5 times and even higher growth rates are expected in the segment of cloud financial solutions for the banking segment.

"Investments in Fazum will allow us to strengthen our positions both in the market of fintech solutions and in related sectors of the economy that have similar needs for import substitution and launching new digital solutions," Rostelecom said. "Together with Fazum, we will be able to quickly launch new cloud services for the financial sector and scale the distribution of digital financial products to small and medium-sized business customers," Dmitry Reidman, director of new digital products at Rostelecom, was cited as saying in the statement.

"This step was a logical continuation of our strategy of building a portfolio of digital products focused on the financial sector and banks. In the future, we plan to strengthen our presence in the market of digital services for the financial sector, as well as to develop new digital products in related areas, such as retail, e-commerce, logistics," said Denis Ryabchenkov, Vice President and Director of New Digital Product Development at Rostelecom.