Fintech is exploding in Russia, albeit from a very low base. bne IntelliNews editor-in-chief Ben Aris sat down with Campbell Bethwaite, the managing partner of Redstone Capital (recently renamed from Finteca) to talk about the sector and its prospects. Redstone is a holding company that has set up a number of fintech businesses in Russia that are seeing exponential growth.
Redstone’s lending business, Simple Finance, has already built up an $80mn loan book and is currently extending about $5mn worth of new loans per week by offering credits to SMEs that can’t borrow from Russian banks. The company has already taken in a private equity investment and issued its first $30mn Eurobond in June of this year to fund what is expected to be double digit expansion for the foreseeable future.
Campbell Bethwaite of Redstone Capital: “Russian financial services, in terms of functionality and speed, are better than in many other markets”Read More
