Home Bank spins off, investing 400 mln rubles in IT business

MOSCOW. Jan 11 (Interfax) - Home Bank (Home Credit & Finance Bank LLC, formerly HCF Bank) has spun off its information technology development division into a separate company called HomeTech and plans to invest 400 million rubles in its development center, HomeTech said in a press release.

"In the next three years HomeTech's team will exceed 1,000 IT professionals. The company will focus on developing and rolling out innovative products in the area of risk management, automation of lending processes, monitoring payments and other bank operations," the release said.

Home Technologies LLC (HomeTech) was established last summer based on the division of the bank that develops IT solutions for its needs.

"The creation of HomeTech is due specifically to the need to develop and support new solutions that will not only be applied at the bank, but also on the open market. The bank's own IT service continues to function and support current products and technologies," the company told Interfax.

HomeTech developed product concepts and did research until December 2023. The company expanded its team of IT professionals to 100 by the end of the year and began actual development of products.

HomeTech CEO Yevgeny Ryzhov said the bank is investing 400 million rubles in the company's development center. The money will be used to develop a mobile banking platform, unified front office, and antifraud control and big data systems, among other products. The company aims to have a portfolio of more than 20 products.

HomeTech now has two products - an online banking platform and Snitch, a blacklist control system.