Myfin Group is a group of fintech companies in Belarus and Russia, which is represented by the following websites: myfin.by, bankiros.ru, mainfin.ru. The platform created by Myfin Group helps to connect banks and their clients by providing them with high-tech digital solutions for finding loans, deposits, currency rates, and other financial information.
Myfin.by is the largest marketplace for banking products and services in Belarus. Today, Myfin.by has 3.2 million unique users per month, and it is among the top 5 sites on the Belarusian Internet. Myfin Group is a resident of Belarusian Hi-Tech Park.
Portals bankiros.ru and mainfin.ru are in the top 3 Russian financial classifieds with 3 million monthly visits. Partnerships have been established with 50 Russian banks and their number continues to expand. In terms of revenue, the Russian part of Myfin Group's business is growing x2 per year and already accounts for 70% of the company's total revenue.
"There are several areas in which Zubr Capital has accumulated significant expertise. This is the banking sector, in which we have successfully developed and sold MTBank, and classifieds, where we have a successful case of av.by in our portfolio. While deciding to invest in Myfin Group, we realized that the company was operating in a growing market. And what is very important, it has an excellent team that can implement the most ambitious plans. With their expertise in fintech and our experience in banking and classifieds we can become a market leader in Russia and Belarus, - said CEO Zubr Capital Oleg Khusaenov.
2019 was a record year for the Russian markеt in terms of issuing consumer loans, more than 45 million loans issued. But more important for Myfin's business, about 6 million loans were picked up using online tools. This figure is almost 2 times higher than in 2018 when 3.6 million loans were picked up online. As for Belarus, the situation is somewhat different: almost half of the Belarusian consumers (44%) prefer consumer loans in the installment format.
Zubr Capital Fund I acquired a minority stake in Myfin Group . Zubr Capital Fund I is a fund managed by Zubr Capital. The deal amount is standard for ZCFI - from 5 to 10 million USD. Investments will be directed to further improve the platform and strengthen the company's position in the Russian and Belarusian markets. Partnership with the platform Zabiray.by will be an additional growth driver for Myfin Group. Zabiray.by is a multibank platform for registration of installments in the online shops.
"We are glad that at this moment of our development, we have attracted a strong partner who will help us not only to expand our business model but also to significantly improve all indicators in the coming years. Changing and making the market better for both banks and users is our credo and we are happy that Zubr Capital shares it with us", - Alexey Panichev, co-founder and Director of Myfin LLC, commented on the deal.
"In this investment, we follow the most relevant market trends. The banking sector is increasingly moving towards digital transformation and the application of a variety of fintech solutions. The Myfin team creates high-tech services that are convenient for both banks and their clients in the financial sector. I would like to note that we applied our previous experience and structured the deal with Myfin Group in the High-tech Park. We believe that this is a great opportunity for funds to work quickly and effectively within the framework of the Belarusian legislation", - said Andrey Filon, Investment Director Zubr Capital.