Tinkov and Alfa-Bank refused Revolut the right to exist

According to Tinkov, the problem of all global FINTECH projects of this kind lies in the fact that they are “on the arbitration commissions and regulatory arbitrage”. “In my opinion, fantechi should show large organizations, what should be the technology. We welcome fantechi want to buy them and copy. But just clean up fee — it’s not rocket science. It is not the level for a graduate of physics and technology”, — said the businessman.

Тиньков и Альфа-банк отказали Revolut в праве на существование

Tinkov said that based FINTECH start-up needs to be a breakthrough innovation idea, and Revolut not can boast. “And just remove the Board and raise money from investors in Russia, it won’t go at all, because we do not have such investors. This model works in the US and in a world where there are business angels. Overall, easy to open account, is not observed when the rule know your customer”, — concluded the fifth round.

Tinkov was supported by the chief managing Director of Alf-Bank Vladimir Verkhoshansky. He noted that Revolut now occupies only 0.5% of the European market. “When we reach scale, then we’ll talk. I think that on the Russian market of rapid growth you should not expect”, — said the banker. Storonsky in reply said that the advantage of its payment system to banks is the automation of most processes and the lack of bloated top management team.

The first Deputy Chairman of the Central Bank Olga Skorobogatova recalled that the payment system Revolut comes to the Russian market as a FINTECH platform, but all the costs of the back office assumes the partner — QIWI (the service will use its banking license). “It is a question of the commercial relations of your organization. But to say that your services completely eliminate back office, is wrong,” said Skorobogatova. However, she noted that Storescom it’s worth a try to work in Russia.

“A lot of money investors give, why not try,” agreed Oleg Tinkov. He added that “sooner or later, investors are asking where their investments”. “To do business where burn investors’ money years, is a dangerous path, in my opinion”, — concluded the banker.

British FINTECH company Revolut, founded by immigrants from Russia Nicholas Starinskim and Vlad Yatsenko, in April, received a valuation of $1.7 billion and raised $250 million from venture capital Fund Yuri Milner DST Global. At the end of the funding round, Forbes estimated his fortune Starovskogo $561 million Since the launch of the service took a little less than three years, and during that time the project was funded by a total of $340 million.