QIWI Buys Plati Potom For Undisclosed Sum

QIWI announced on Thursday (Oct. 6) it has acquired a 100 percent ownership stake in FinTech startup Plati Potom. Plati Potom develops post-payment solutions for eCommerce and offline retailers, as well as data analysis and credit risk management tools.

According to QIWI, the core focus areas of Plati Potom include research and implementation of various technologies, like data science in the fields of payments, eCommerce 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. QIWI expects that the data science technology developed by Plati Potom can be applied to a wide range of QIWI products.

“Acquisition of Plati Potom is aimed at strengthening QIWI’s expertise and positions in the areas of eCommerce and data analysis,” said Yakov Barinskiy, head of M&A and business development, in a press release announcing the deal in which terms were not disclosed. “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.”

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

“Our team introduced several technological and financial products that are currently being adopted to the capabilities of QIWI infrastructure,” Stanislav Saveliev, CEO of Plati Potom, added in the same press release. “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 eCommerce.”