QIWI plc (QIWI) Acquires Startup Plati Potom; No Terms

October 6, 2016 7:33 AM EDT

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QIWI plc, (NASDAQ: QIWI) acquired a 100% ownership stake in fintech startup Plati Potom. Plati Potom develops innovative post payment solutions for e-commerce and offline retailers as well as cutting-edge data analysis and credit risk management tools.

Core focus areas of Plati Potom include research and implementation of various technologies like data science in the fields of payments, e-commerce and credit risk management.

For QIWI this transaction is another step in implementing its M&A strategy of investing in promising teams and technologies in the fintech space. One of the main goals of this transaction is to acquire proprietary data analysis and scoring technologies as well as the team working on the products. We expect that the data science technology developed by Plati Potom can be applied to a wide range of QIWI products.

The Plati Potom team has already implemented several projects in cross-border e-commerce in partnership with QIWI including a “Payment-on-Delivery” project and several programs aimed at stimulating consumer demand for partner e-shops.

“Acquisition of Plati Potom is aimed at strengthening QIWI’s expertise and positions in the areas of e-commerce and data analysis,” said Yakov Barinskiy, Head of M&A and Business Development. “Apart from a strong technological base, Plati Potom appealed to us because of its good operational dynamics along with highly professional management and software development team that is currently integrating with QIWI.”

“Our team introduced several technological and financial products that are currently being adopted to the capabilities of QIWI infrastructure,” noted Stanislav Saveliev, CEO of Plati Potom. “For us QIWI is a strong and understanding strategic partner. Our collaboration creates many opportunities to develop ambitious projects with high potential in different markets including e-commerce.”

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