Tinkoff Bank and Alfa Bank have severely criticized Revolut

Revolut is going to enter the Russian market as the fintech platform. All costs are planned to be taken on by one of the project partners – QIWI.

Nikolay Storonsky, the founder of the Revolut service, took part at the Finopolis forum of the innovative financial technologies in Sochi and expressed the opinion that the company is going to enter the Russian market with its product. Revolut is a mobile application with which it is possible to convert the funds from one currency to another, to carry out free international transfers, as well as to exchange cryptocurrencies. Nikolay Storonsky pointed out that his team had developed the service three years earlier than the specialists of Tinkoff Bank.

However, Oleg Tinkov, the founder of Tinkoff Bank, expressed the opinion that for Revolut it makes no sense to open a business in Russia as Tinkoff Bank has already started the service that allows it to pay with a debit card in thirty currencies. Tinkov criticized the principles of Revolut. To his mind, in Russia, it will not work – removing the commission and laying the costs on investors. As Oleg Tinkov pointed out, the investor will sooner or later try to find out more details about the financing and the investments. Revolut cannot boast of the presence of innovative ideas, and after all fintech startups are characterized by them.

The critical opinion expressed by Oleg Tinkov was supported by Vladimir Verkhoshinsky, the Chief Executive Officer of Alfa Bank. He advised Revolut to postpone opening the business in Russia, as the company lacks scale.