QIWI is a Russian fintech company founded in 2007 and initially headquartered in Moscow before moving to Nicosia, Cyprus. The company provides electronic payment and financial services to Russia and the CIS countries, and its subsidiaries include QIWI Payment Systems, QIWI Bank, CONTACT Money Transfer System, Factoring PLUS, Flocktory and RealWeb. As of 2021, QIWI has more than 16.6 million wallets and virtual cards, as well as nearly 106,000 terminals and payment points.
Company OverviewQIWI
was founded in 2007 by Sergey Solonin, Boris Kim, and Andrey Romanenko. In 2013, QIWI was listed on the NASDAQ under the ticker symbol QIWI. In 2020, the company's revenue reached $351.6 million.
Products &
ServicesQIWI offers a wide range of payment and financial services, including:
QIWI Wallet: supports online payments, bill payments, transfers, and top-ups.
Payment terminals: self-service payment terminals throughout Russia and the CIS countries, which facilitate cash payments.
CONTACT Money Transfer System: Provides international money transfer services covering more than 180 countries and territories.
Factoring PLUS: Factoring and financing services for small and medium-sized enterprises.
Flocktory and RealWeb: Focus on customer loyalty management and digital marketing services, respectively.
Market
PositioningQIWI mainly serves individual users and small and medium-sized enterprises in Russia and CIS countries, providing convenient payment and financial solutions. Its extensive payment network and diversified services make it have a high visibility and market share in the local market. Wikipedia+1Wikipedia+1Regulatory
InformationOn
February 21, 2024, the Central Bank of Russia revoked the banking license of QIWI Bank for engaging in high-risk operations and systematically violating anti-money laundering and counter-terrorist financing regulations. The move caused QIWI Bank's Moscow-listed stock to plunge nearly 50%. Despite this, QIWI said its non-bank business is still operating normally and plans to continue to move forward with asset restructuring to maintain its listing status on the Nasdaq and Moscow exchanges.
QIWI
was once a leading provider of electronic payment and financial services in Russia, with a broad user base and diversified services. However, the regulatory challenges it has faced in recent years have had a significant impact on its business operations. The company is seeking to continue to grow in the new regulatory environment through asset restructuring and strategic adjustment.
