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Russian tycoon pledges $150 million fintech splurge

Billionaire backer of Spotcap says there's more where that came from

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Oleg Boyko has said he will invest US$150 million in fintech

Russian billionaire Oleg Boyko has pledged a US$150 million spending splurge on fintech through his Moscow-based private equity business Finstar.

According to a press release issued Thursday, Finstar will invest in a pool of start-ups from around the world, while also increasing its stakes in existing fintech investments.

“We are targeting three to six deals per year, in the seed to Series A rounds, typically ranging from USD500,000 to USD30 million,” said Mr Boyko.

“Our R&D investment is about pushing financial technology further and leveraging that innovation across our already strong fintech portfolio… the businesses we work with benefit from the strength of our technical resources and the depth of our expertise.”

Finstar has experience in European fintech and is one of the largest backers of the German-based fintech lender Spotcap.

The $150 million will target companies in Latin America, Asia and Europe, Finstar said. And although Finstar is headquartered in Russia, Russia was not specified as an investment target.

No timeline has been set out for the capital deployment. The investment pledge at this stage is only a pledge. But if Mr Boyko delivers, he will become one of the largest fintech investors in the world.  

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