TCS Group Holding (including Tinkoff Bank and Tinkoff Insurance) Oleg Tinkov plans to invest up to 25 million euros in a fintech company for private clients in Europe, TCS said in a statement.
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The founders and co-investors of the new company are two key TCS managers: Artem Yamanov, Senior Vice President of Business Development and Alexander Emeshev, Vice President of New Products Development. They are leaving their jobs to focus on developing a new business. Yamanov has been with Tinkoff since the foundation of the bank in 2006, Emeshyev has been working since 2014. Stanislav Bliznyuk, Tinkoff’s operations director, will take his post. The new operational director of the bank will be Pavel Khristolyubov, who came to the bank this year.
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The launch of the project is planned for 2020. TCS will become the main seed investor (investments at an early stage of the company’s development) and the controlling shareholder of the company, the group said. TCS initial investment of up to 25 million euros, the amount will be invested in parts as the business of the new company. This money is planned to be invested within a year, the representative of TCS specified.
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The new company will provide non-credit financial products, the report said. A representative of TCS does not disclose details of its activities and even the name, indicating that it will deal with “financial and banking retail products and transaction services.” The main competitors of the project, the TCS representative names N26 and Monzo (they provide the opportunity to open bank accounts online from a mobile phone, make transfers, etc.).
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