Russian tech business Yandex is buying a digital bank.
In Brief:
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Calling itself a “digital financial ecosystem”, Tinkoff provides a range of banking and lifestyle products for customers.
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It includes the online bank Tinkoff Bank with over 10mn users.
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Yandex is to buy the business in a cash and share deal worth about $5.48bn.
What does this mean?
Tinkoff recently published a statement from its CEO about how the digital bank is “thriving” in a lockdown environment. Yandex is often referred to as the Google of Russia and it has recently ended a joint venture with a state-owned bank, leaving room for a digital challenger.
