DOCSLIB.ORG

The State of Fintech in Europe 2021

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
The State of Fintech in Europe 2021 INTRODUCTION On behalf of the Tech.eu team, and our partner Finstar, our gratitude for downloading and reading our report on the State of European Fintech in 2021, which is based on analysis of data we’ve collected and vetted on the high-growth sector from the start of 2017 until the end of the second quarter of 2020 (to account for re- porting lag and allow us to take a deep dive). 2020 was a year that will undoubtedly be remembered as the year of the coronavirus pandemic, which to this day is wreaking havoc on businesses - even entire economies - across the world. The technology industry held its collective breath when the COVID-19 pandemic hit last year, but apart from some obviously hard-hit sectors such as travel and tourism (and some less visible effects like the mounting pressure on scores of early-stage tech startups that were still looking for the holy product-market-fit), it con- tinues to grow and thrive across the glove. In Europe, things are no different, and the fintech sector continues to be one of the most important areas of innovation across the continent, particularly in big countries like the UK, Germany and France. At Tech.eu, we meticulously keep track of technology startup and scale-up funding rounds, M&A transactions, IPOs, partnerships, active investors and more, and we have a particular interest in keeping track of the fintech scene as one of the most prominent fields of growth and technological innovation in Europe. In this report, we present you with the most relevant numbers coupled with analysis needed to understand who and what is driving European fintech’s ongoing maturation. The research report also includes a look at what the effect of the coronavirus pandemic has had on markets and consumers, and ultimately the fintech sector, and quotes from industry insiders, entrepreneurs, investors and experts to complement the intelligen- ce that can be derived from it. Additionally, we take a look at a number of alternative routes to funding for fintech (and other types of) startups in Europe and beyond. Even though our analysis of the data stops at the end of Q2 2020, we have taken note of a number of inte- resting developments that have happened in the second half of a challenging year. On 10 February 2021, we will host a virtual event where we’ll have a discussion with fintech leaders about this report’s findings, and present updated data for 2020 and the first month of the new year. This is necessary, because after the cut-off date for the analysis in this report, numerous things of note have happened. For instance, in September 2020, Swedish payments service provider Klarna raised $650 million, at a valua- tion of $10.65 billion, ranking the company as the highest-valued private fintech company in Europe. It didn’t hold on to that title for too long, because in January 2021 UK-based payments business Checkout.com was valued at $15 billion after a $450 million investment led by Tiger Global. In July 2020, UK fintech scale-up TransferWise reached a $5 billion valuation in a secondary share sale, a few months before announcing that it made a net profit for the fourth year in a row, as it gears up for a 2021 IPO. In Germany, credit marketplace auxmoney scored €150 million in growth funding, while France-based Lydia extended its Series B round, raising an additional $86 million led by Accel. Israeli fintech-as-a-service com- pany Rapyd raised $300 million, while London-based Curve is to launch in the US after securing a $95 mi- llion round - and the exact same amount was raised by UK fintech GoCardless in December 2020. Neobank Monzo, meanwhile, closed £60 million in new funding before the year was over. Interestingly, there are also major headlines coming from more nimble ecosystems across Europe (e.g. Bel- gium-based Unifiedpost’s IPO, The Netherlands-based payments platform Mollie raising €90 million, Italian 3 mobile/digital payment platform Satispay securing €93 million in funding in a Series C round co-led by Ten- cent, Square and other investors, and Austria’s Bitpanda, raising Series A round of $52 million led by Peter Thiel’s Valar Ventures. The list goes on, but the point is that our research report’s main findings and recent headlines suggest the same conclusion: overall, the state of the European fintech sector is to be considered rather healthy (but not without challenges). But do all of these headlines hide an imminent crisis, as early-stage fintech funding continues its inevitable dip and the sector faces a period of uncertainty and intense pressure from various angles? Or does the crisis, in fact, bring a wealth of opportunities for burgeoning fintech startups in a rapidly changing world as the way we work, shop and spend our free time continues to shift as we hopefully look forward to a post-COVID-19 world? Please enjoy the report, put together with the kind help of Finstar, share it with your friends, and don’t hesitate to give us feedback! We hope the new year has gone off to a good start for you, and wish you all the best for 2021. Robin Wauters Founding Editor, Tech.eu The COVID-19 crisis has brought forward a lot of changes in the world, altering the way we work, shop, co- llaborate and move around. As this report shows, many trends that have been accelerated by the coronavirus pandemic have in fact proven to be beneficial to the European fintech industry. Around €10 billion of funding was raised by fintech startups and scale-ups in Europe throughout 2020, and we’re seeing bigger rounds, bigger companies, and bigger ambitions. This report demonstrates that the European fintech sector is in good shape, and Finstar is looking forward to invest in the future leaders in this space. Oleg Boyko Founder and Chairman of Finstar Financial Group 4 BROUGHT TO YOU BY FINSTAR Finstar Financial group is an international priva- cellence in startups, turnarounds, joint ventures and te equity and investment advisory firm with around mergers & acquisitions. USD$2 billion of assets under management (AUM). The company is headed by Oleg Boyko and has a Mr Boyko is also involved in philanthropic ventures diversified investment footprint in more than 30 coun- through his Parasport Foundation. During the CO- tries. Finstar’s investment professionals target oppor- VID-19 pandemic of 2020 the foundation provided tunities in Europe, the US, Asia, Latin America and targeted assistance to over 2,000 para-athletes re- the CIS. The group is strongly focused on the fintech presenting 28 different sports across 35 regions of sector and has been highly successful historically in Russia. Mr Boyko was also among the invited atten- banking and financial services, IT, real estate, FMCG dees of the annual Forbes 400 Summit on Philan- retail, media, and entertainment sectors. Finstar has thropy in 2020. a proven track record of 25 years of operational ex- FINSTAR FINTECH PRESENCE 5 BROUGHT TO YOU BY TECH.EU Tech.eu is the premier source of European technology news, data and market intelligence, providing unpre- cedented insights into the tech startup, investment, M&A and IPO activity across Europe (including Israel, Russia and Turkey). Founded in 2013, Tech.eu combines solid editorial products with data-driven market intelligence reports across investment stages, geographies and sectors, as well as bespoke event, research and consultancy services. Tech. eu offers a curated selection of stories on European startups, scale-ups, venture capital, policy and more, through a combination of a unique online magazine, industry newsletters, reports, a podcast, job plat- form and event calendar. For more information on Tech.eu and our partnership opportunities, get in touch with [email protected]. 6 EXAMINING THE IMPACT OF COVID-19 ON THE FINTECH INDUSTRY Arguably, it’s still too early to really understand what With some obvious exceptions - imagine the impact the impact of the coronavirus pandemic will be on of COVID-19 on providers of in-store payment ter- the technology startup and innovation industry as a minals, for example, or those specifically targeting whole, but as part of our research we’ve looked into business travelers with their services - it is evident some of the trends that pertain to the fintech sector that the above trends are generally positive for inno- in particular. vators in the fintech industry. This is especially the case when coupled with an accelerated move to a As a response to the raging pandemic, entire coun- cashless future and advancements in infrastructure tries have gone into (different types of) lockdown and and connectivity, open banking services, security, resorted to school closures and curfews, travel was hyper-personalisation, big data, artificial intelligence banned all across the world, companies of all sizes and robo-advice technologies. These trends were al- have experienced near-instant financial woes, and ready underway, but the coronavirus pandemic has governments need to look for rapid ways of providing expedited many of them. support to scores of individuals and businesses, bo- rrowers and lenders alike, as the uncertainty remains Needless to say, the current situation can generally a huge factor. be described as a boon for a slew of tech companies that can e.g. process online payments, provide a ‘Buy In such an unprecedented environment, seismic Now, Pay Later’ solution or quick working capital for shifts are inevitable - and some irreversible. SMEs, run a credit or loan marketplace, help financial industry behemoths with their ‘digital transformation’ There are fewer things to spend on in lockdown and rid of their aging IT systems, assist smaller firms mode, which means savings rates spike, while de- with cash-flow management, offer user-friendly apps mand for mortgage loans decreases.
Load more

Recommended publications
  • Studia Politica 1 2016
    www.ssoar.info Republic of Moldova: the year 2015 in politics Goșu, Armand Veröffentlichungsversion / Published Version Zeitschriftenartikel / journal article Empfohlene Zitierung / Suggested Citation: Goșu, A. (2016). Republic of Moldova: the year 2015 in politics. Studia Politica: Romanian Political Science Review, 16(1), 21-51. https://nbn-resolving.org/urn:nbn:de:0168-ssoar-51666-3 Nutzungsbedingungen: Terms of use: Dieser Text wird unter einer CC BY-NC-ND Lizenz This document is made available under a CC BY-NC-ND Licence (Namensnennung-Nicht-kommerziell-Keine Bearbeitung) zur (Attribution-Non Comercial-NoDerivatives). For more Information Verfügung gestellt. Nähere Auskünfte zu den CC-Lizenzen finden see: Sie hier: https://creativecommons.org/licenses/by-nc-nd/4.0 https://creativecommons.org/licenses/by-nc-nd/4.0/deed.de Republic of Moldova The Year 2015 in Politics ARMAND GO ȘU Nothing will be the same from now on. 2015 is not only a lost, failed year, it is a loop in which Moldova is stuck without hope. It is the year of the “theft of the century”, the defrauding of three banks, the Savings Bank, Unibank, and the Social Bank, a theft totaling one billion dollars, under the benevolent gaze of the National Bank, the Ministry of Finance, the General Prosecutor's Office, the National Anti-Corruption Council, and the Security and Intelligence Service (SIS). 2015 was the year when controversial oligarch Vlad Plakhotniuk became Moldova's international brand, identified by more and more chancelleries as a source of evil 1. But 2015 is also the year of budding hope that civil society is awakening, that the political scene is evolving not only for the worse, but for the better too, that in the public square untarnished personalities would appear, new and charismatic figures around which one could build an alternative to the present political parties.
    [Show full text]
  • AS 4Finance US$ 170.0 Million 13.0 Per Cent. Senior Notes Due 2015
    NOT FOR GENERAL DISTRIBUTION IN THE UNITED STATES LISTING PARTICULARS AS 4finance (joint stock company incorporated in Latvia) US$ 170.0 million 13.0 per cent. Senior Notes due 2015 Guaranteed on a senior basis by certain of its subsidiaries Issue Price: 100.0 per cent. AS 4finance (the “Issuer”) is issuing US$ 170.0 million 13.0 per cent. senior notes due 2015 (the “Notes”) (the “Offering”). Interest on the Notes will accrue from 31 July 2013 at a rate of 13.0 per cent. per annum on the outstanding principal amount of the Notes and will be payable quarterly in arrear on 31 October, 31 January, 30 April and 31 July in each year, beginning on 31 October 2013. Unless previously redeemed or repurchased and cancelled as described under “Terms and Conditions of the Notes”, the Notes will mature on 31 January 2015 (the “Maturity Date”). The Notes constitute direct, general, unconditional, unsubordinated and (subject to Condition 5 (Negative Pledge and Other Covenants)) unsecured obligations of the Issuer. The due and punctual payment of all amounts due at any time on or in respect of the Notes will be unconditionally and irrevocably guaranteed on a joint and several basis (each, a “Guarantee” and together, the “Guarantees”) by certain of the subsidiaries of the Issuer (each, a “Guarantor” and together, the “Guarantors”). The Notes will at all times rank pari passu in right of payment with all other present and future unsecured obligations of the Issuer and senior to all its existing and future subordinated debt. The Guarantees will rank pari passu with all of the Guarantors’ existing and future unsecured senior debt, and senior to all of their existing or future subordinated debt.
    [Show full text]
  • Occupied Donbas. Elections
    #6 (100) June 2016 Two years of Petro Poroshenko's Clean-up of Ukraine's banking Kazimir Malevich presidency sector: painful, efficient and avant-garde in the 1920s' Kyiv OCCUPIED DONBAS. ELECTIONS WWW.UKRAINIANWEEK.COM Featuring selected content from The Economist FOR FREE DISTRIBUTION CONTENTS | 3 BRIEFING NEIGHBOURS 5 Black books and bought elections: 32 Ivanna Klympush-Tsyntsadze: “We The Party of Regions’ inventory of do not accept arguments of countries bribes and legitimacy of its victory that try to raise the issue of lifting in 2012 election sanctions against Russia” POLITICS Vice-Premier for European and Euro- 7 The fine art of compromise: Atlantic Integration on her priorities The president’s powers after two in office years in office 36 Misplaced charity: What hampers 10 Bouillabaisse de president: the efficiency of international aid Who makes decisions in Petro 38 Philippe de Lara on what the Russia Poroshenko’s circle sanctions resolution of the Senate 12 Andriy Levus: “Ukraine should expect tells about French politicians another radical change“ SOCIETY Head of the VR Public Safety 40 The new left front: How Russia is Subcommittee on how government developing agents of influence in offices are changing and chances of Ukraine through a “reset” with leftist the new political class parties and organizations FOCUS 42 Crimean Muslims at the crossroads: 16 Through the looking glass: The crazy What shape will Islam take world of Minsk How Ukrainian in occupied Crimea? politicians see the likelihood of CULTURE & ART elections in
    [Show full text]
  • When Governments Break Contracts: Foreign Firms in Emerging Economies
    When Governments Break Contracts: Foreign Firms in Emerging Economies by Rachel L. Wellhausen M.Sc. European Political Economy: Transition London School of Economics and Political Science, 2005 B.A. Economics B.A. English B.A. Interdisciplinary Studies University of Arizona, 2004 Submitted to the Department of Political Science in partial fulfillment of the requirements for the degree of Doctor of Philosophy at the Massachusetts Institute of Technology June 2012 Copyright 2012 Rachel L. Wellhausen. All rights reserved. The author hereby grants to MIT permission to reproduce and to distribute publicly paper and electronic copies of this thesis document in whole or in part in any medium now known or hereafter created. Signature of Author………………………………………………………………………………………………………….. Department of Political Science April 18, 2012 Certified by: …………………………………………………………………………………………………………………….. Suzanne Berger Raphael Dorman-Helen Starbuck Professor of Political Science Thesis Supervisor Accepted by: ……………………………………………………………………………………………………………………. Roger Petersen Arthur and Ruth Sloan Professor of Political Science Chair, Graduate Program Committee 2 When Governments Break Contracts: Foreign Firms in Emerging Economies by Rachel L. Wellhausen Submitted to the Department of Political Science on April 18, 2012 in partial fulfillment of the requirements for the Degree of Doctor of Philosophy in Political Science ABSTRACT Emerging economy governments commit to protect the property rights of foreign firms through a variety of contracts, from treaties to direct agreements. In an era of liberalized capital flows, these contracts are thought to be self-enforcing: the fear of capital exit compels governments to honor their obligations. But extraordinary variation in contract sanctity in countries around the world suggests the inadequacy of this view. This dissertation seeks to explain the varying pressures on emerging economy governments to honor or break contracts with foreign firms.
    [Show full text]
  • Prospectus Brochure of the Bond 4 Finance
    Prospectus dated 5 August 2016 http://www.oblible.com 4finance S.A. Luxembourg Listing Prospectus EUR 100,000,000.00 11.25 % Senior Notes 2016/2021 (the “Notes”) with a Term from 23 May 2016 until 22 May 2021 of 5 August 2016 International Securities Identification Number (ISIN): XS1417876163 German Securities Identification Number (Wertpapierkennnummer WKN): A181ZP Common Code: 141787616 4finance S.A. (the "Issuer"), a public limited liability company (Société Anonyme) incorporated and existing under the laws of the Grand Duchy of Luxembourg has issued EUR 100,000,000.00 aggregate principal amount of its 11.25% Notes due 2021. The Notes constitute direct, general, unconditional, unsubordinated and unsecured obligations of the Issuer. The Notes will at all times rank pari passu in right of payment with all other present and future unsecured obli- gations of the Issuer and senior to all its existing and future subordinated debt. The Notes are unconditionally and irrevocably guaranteed on a joint and several basis by 4finance Holding S.A. ("Holdco"), the Issuers indi- rect parent company, and by certain other direct and indirect subsidiaries of Holdco, including the Issuer’s di- rect parent company (the "Subsidiary Guarantors" and together with Holdco the "Guarantors" and each a "Guarantor" under the terms and conditions set forth herein (collectively the "Guarantees" and each a "Guar- antee"). This document (the “Prospectus”) constitutes a prospectus pursuant to Article 5 para. 3 of the Directive 2003/71/EC of the European Parliament and of the Council of 4 November 2003 on the prospectus to be pub- lished when securities are offered to the public or admitted to trading as amended by the Directive 2010/73/EC of the European Parliament and of the Council for the purpose of a public offering of the Notes in the Grand Duchy of Luxembourg and the Federal Republic of Germany.
    [Show full text]
  • Countering a Resurgent Russia Hearing Committee
    COUNTERING A RESURGENT RUSSIA HEARING BEFORE THE COMMITTEE ON FOREIGN AFFAIRS HOUSE OF REPRESENTATIVES ONE HUNDRED SIXTEENTH CONGRESS FIRST SESSION May 1, 2019 Serial No. 116–31 Printed for the use of the Committee on Foreign Affairs ( Available: http://www.foreignaffairs.house.gov/, http://docs.house.gov, or http://www.govinfo.gov U.S. GOVERNMENT PUBLISHING OFFICE 36–135PDF WASHINGTON : 2019 COMMITTEE ON FOREIGN AFFAIRS ELIOT L. ENGEL, New York, Chairman BRAD SHERMAN, California MICHAEL T. MCCAUL, Texas, Ranking GREGORY W. MEEKS, New York Member ALBIO SIRES, New Jersey CHRISTOPHER H. SMITH, New Jersey GERALD E. CONNOLLY, Virginia STEVE CHABOT, Ohio THEODORE E. DEUTCH, Florida JOE WILSON, South Carolina KAREN BASS, California SCOTT PERRY, Pennsylvania WILLIAM KEATING, Massachusetts TED S. YOHO, Florida DAVID CICILLINE, Rhode Island ADAM KINZINGER, Illinois AMI BERA, California LEE ZELDIN, New York JOAQUIN CASTRO, Texas JIM SENSENBRENNER, Wisconsin DINA TITUS, Nevada ANN WAGNER, Missouri ADRIANO ESPAILLAT, New York BRIAN MAST, Florida TED LIEU, California FRANCIS ROONEY, Florida SUSAN WILD, Pennsylvania BRIAN FITZPATRICK, Pennsylvania DEAN PHILLIPS, Minnesota JOHN CURTIS, Utah ILHAN OMAR, Minnesota KEN BUCK, Colorado COLIN ALLRED, Texas RON WRIGHT, Texas ANDY LEVIN, Michigan GUY RESCHENTHALER, Pennsylvania ABIGAIL SPANBERGER, Virginia TIM BURCHETT, Tennessee CHRISSY HOULAHAN, Pennsylvania GREG PENCE, Indiana TOM MALINOWSKI, New Jersey STEVE WATKINS, Kansas DAVID TRONE, Maryland MIKE GUEST, Mississippi JIM COSTA, California JUAN VARGAS, California VICENTE GONZALEZ, Texas JASON STEINBAUM, Staff Director BRENDAN SHIELDS, Republican Staff Director (II) C O N T E N T S Page WITNESSES Nuland, Ambassador Victoria, Nonresident Senior Fellow, Foreign Policy, Center on the United States and Europe, Brookings Institution, and Former Assistant Secretary of State for European and Eurasian Affairs and Former United States Permanent Representative to NATO ........................................
    [Show full text]
  • Download the PDF Private Fintech As a Tool for Sustainable Business
    Private FinTech as a tool for sustainable business development in Russia and Kazakhstan FinTech Market Trends Deloitte CIS Research Center, 2018 FinTech Market Trends 2018 Contents 01 Foreword 02 Key findings Overview of the FinTech 03 market Foreword 03 Overview of Kazakhstan’s FinTech market 81 Overview of Russia’s FinTech 01 05 04 The FinTech market in figures 82 market The current situation in Kazakhstan’s FinTech market 83 Overview of Kazakhstan’s 05 02 Key findings 06 FinTech market stakeholder map 87 FinTech market Supply in the FinTech market 95 Demand in the FinTech market 97 06 Appendix 03 Overview of the FinTech market 20 Barriers for development of Kazakhstan’s FinTech market 101 The FinTech market geography 21 Drivers for development of Kazakhstan’s FinTech market 102 07 Contacts Comparison of regional FinTech markets 22 Kazakhstan’s FinTech market outlook until 2020 103 FinTech’s contribution to sustainable development 27 FinTech’s contribution to achievement of the SDGs globally 29 FinTech market outlook until 2020 30 06 Appendix 107 04 Overview of Russia’s FinTech market 31 07 Contacts 120 The FinTech market in figures 32 The current situation in Russia’s FinTech market 33 FinTech market stakeholder map 42 Supply in the FinTech market 53 Demand in the FinTech market 62 Barriers for development of Russia’s FinTech market 68 Drivers for development of Russia’s FinTech market 71 Russian FinTech market outlook until 2020 74 02 FinTech Market Trends 2018 Foreword 01 Foreword 02 Key findings Overview of the FinTech 03 market Finance technologies (FinTech) are among and e-transfers.
    [Show full text]
  • ÖÖ Devoted to Yörük* Ali
    2.-.£)ÖÖ Devoted to Yörük* Ali * My father is called Yörük Ali in Alanya.Yörük means nomad. Before he was married to my mother, he used to be a nomad in the Taurus mountains. Thanks to my dear father for his endless devotion to my education. BILKENT UNIVERSITY INSTITUTE OF ECONOMIC AND SOCIAL SCIENCES THE RUSSIAN ECONOMIC TRANSFORMATION IN THE EARLY 1990s AND SOME ASSESSMENTS IN THE WEST BY ÖMER KOCAMAN A THESIS SUBMITTED TO THE DEPARTMENT OF INTERNATIONAL RELATIONS IN PARTIAL FULFILLMENT OF THE REQUIREMENTS FOR THE DEGREE OF MASTER OF INTERNATIONAL RELATIONS SEPTEMBER 2000 ANKARA '¿Г), и. ■ KCl ІО о о βί'·532ί>7 Approved by the Institute of Economic and Sociai Sciences I certify that I have read this thesis and have found that it is fully adequate, in scope and quality, as a thesis for the degree of Master of International Relations. (Thesis Supervisor) Prof. Norman Stone I certify that I have read this thesis and have found that it is fully adequate, in scope and quality, as a thesis for the degree of Master ol International Relations. Prof. Duygu Sezer ■.-/.'i. y · / I certify that I have read this thesis and have found that it is fully adequate, in scope and quality, as a thesis for the degree of Master of International Relations. Prof, ilber Ortaylı ABSTRACT The Russian economic transformation is a fascinating story on many grounds. When the Soviet Union disintegrated at the end 1991, the new question pervaded the West was how to integrate the post-communist Russia into the international community, politically and economically.
    [Show full text]
  • Prospectus Brochure of the Bond 4 Finance S.A XS1597294781 En
    http://www.oblible.com IMPORTANT NOTICE THIS OFFERING IS AVAILABLE ONLY TO INVESTORS WHO ARE EITHER (1) QUALIFIED INSTITUTIONAL BUYERS WITHIN THE MEANING OF RULE 144A UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE ‘‘U.S. SECURITIES ACT’’) OR (2) NON-U.S. PERSONS OUTSIDE OF THE UNITED STATES IN ACCORDANCE WITH REGULATION S UNDER THE U.S. SECURITIES ACT (AND, IF INVESTORS ARE RESIDENT IN A MEMBER STATE OF THE EUROPEAN ECONOMIC AREA, A QUALIFIED INVESTOR). IMPORTANT: You must read the following disclaimer before continuing. The following disclaimer applies to the attached offering memorandum (the “Offering Memorandum”), and you are therefore advised to read this disclaimer page carefully before reading, accessing or making any other use of the attached Offering Memorandum. In accessing the attached Offering Memorandum, you agree to be bound by the following terms and conditions, including any modifications to them from time to time, each time you receive any information from us as a result of such access. NOTHING IN THIS ELECTRONIC TRANSMISSION CONSTITUTES AN OFFER OF SECURITIES FOR SALE IN ANY JURISDICTION WHERE IT IS UNLAWFUL TO DO SO. THE SECURITIES HAVE NOT BEEN, AND WILL NOT BE, REGISTERED UNDER THE U.S. SECURITIES ACT OR THE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR OTHER JURISDICTION AND THE SECURITIES MAY NOT BE OFFERED OR SOLD WITHIN THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, U.S. PERSONS (AS DEFINED IN REGULATION S UNDER THE SECURITIES ACT) EXCEPT PURSUANT TO AN EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE U.S.
    [Show full text]
  • Russian Billionaires List
    Russian Billionaires List Net Russia World Name Citizenship worth Source of wealth Rank Rank (USD) 1 46 Leonid Mikhelson Russia 22 billion gas, chemicals 17.5 2 51 Alexey Mordashov Russia steel, investments billion 16.1 3 57 Vladimir Lisin Russia steel, transport billion Russia Gennady 16.0 4 59 Finland oil, gas Timchenko billion Armenia 14.7 5 66 Alisher Usmanov Russia steel, telecom, investments billion 14.5 6 74 Vagit Alekperov Russia oil billion Russia 14.4 7 75 Mikhail Fridman Israel oil, banking, telecom billion Ukraine 14.3 8 77 Vladimir Potanin Russia metals billion Andrey 12.8 9 89 coal, fertilizers Russia Melnichenko billion 12.4 10 100 Viktor Vekselberg Russia metals, energy billion Russia 11.5 11 139 Roman Abramovich steel, investments Israel billion Net Russia World Name Citizenship worth Source of wealth Rank Rank (USD) Russia 12 138 German Khan Israel 9.3 billion oil, banking Ukraine 13 145 Mikhail Prokhorov Russia 8.9 billion investments 14 156 Viktor Rashnikov Russia 8.3 billion steel 15 190 Dmitry Rybolovlev Russia 7.4 billion fertilizer 16 194 Alexei Kuzmichev Russia 7.2 billion oil, banking, telecom 17 201 Andrei Skoch Russia 6.9 billion steel 18 202 Sergey Galitsky Russia 6.9 billion retail Iskander 19 219 6.5 billion mining, metals, machinery Russia Makhmudov 20 226 Leonid Fedun Russia 6.3 billion oil 21 226 Mikhail Gutseriyev Russia 6.3 billion oil, real estate 22 226 Suleyman Kerimov Russia 6.3 billion investments 23 315 Oleg Deripaska Russia 5.1 billion aluminum, utilities 24 359 Pyotr Aven Russia 4.6 billion
    [Show full text]
  • UNCLASSIFIED Report to Congress Pursuant to Section 241 of The
    UNCLASSIFIED Report to Congress Pursuant to Section 241 of the Countering America's Adversaries Through Sanctions Act of 2017 Regarding Senior Foreign Political Figures and Oligarchs in the Russian Federation and Russian Parastatal Entities January 29, 2018 Section 241 of the Countering America's Adversaries Through Sanctions Act of 2017 (CAA TSA) requires the Secretary of the Treasury, in consultation with the Director of National Intelligence and the Secretary of State, to submit to the appropriate congressional committees 180 days after enactment a detailed report on senior political figures and oligarchs in the Russian Federation (Section 241 (a)(l )) and on Russian parastatal entities (Section 241 (a)(2)). Pursuant to Section 241(b), the report shall be submitted in an unclassified form but may have a classified annex. This is the unclassified portion of the report Section 24l(a)(1) - Senior Foreign Political Figures and Oligarchs in the Russian Federation As required by Section 241 (a)( l)(A) of CAATSA, the Department of the Treasury is providing in this unclassified report a list of senior foreign political figures and oligarchs in the Russian Federation, as determined by their closeness to the Russian regime and their net worth. For purposes of this unclassified portion of the report, this determination was made based on objective criteria related to individuals' official position in the case of senior political figures, or a net worth of $1 billion or more for oligarchs. To determine the list of senior political figures, the Department of the Treasury considered the definition in CAATSA Section 241(c)(2), which incorporates by reference the definition of "senior foreign political figure" in section 1010.605, title 31 of the Code of Federal Regulations.
    [Show full text]
  • Here Are of Course Dozens So Ok
    Year 8, Issue 5 CEE June 2021 Legal Matters In-Depth Analysis of the News and Newsmakers That Shape Europe’s Emerging Legal Markets Editorial by Boris Savoric of Savoric & Partners Across the Wire: Deals and Cases in CEE Featured Deals On the Move: New Firms and Practices A Firm Grasp on the Subject A Year Unlike Any Other: The 2020 CEE Legal Matters Deals of the Year Award Winners The Corner Office: Childhood Dreams Market Spotlight: Romania Guest Editorial by Mihaela Bondoc of Bondoc si Asociatii Expat on the Market: Interview with Gianluca Carlesso of the Carlesso Law Firm Romania Rebounding: A CEELM Round Table Market Spotlight: Moldova Guest Editorial by Roger Gladei of Gladei & Partners Inside Out: Fintur’s Sale of Moldcell to CG Cell Technologies The Wood Anniversary – Five Years of BizLaw.md Experts Review: Life Sciences/Pharma DEALER’S CHOICE LAW FIRM SUMMIT & 2021 CEE DEAL OF THE YEAR AWARDS SAVE THE DATE SEPTEMBER 16, 2021, LONDON DEALER’S CHOICE CO-HOSTED BY: SPONSORED BY: REGIONAL SPONSOR BULGARIA SPONSOR CROATIA SPONSOR HUNGARY SPONSOR POLAND SPONSOR ROMANIA SPONSOR TURKEY SPONSOR UKRAINE SPONSOR doty.ceelegalmatters.com PRELIMINARY MATTERS JUNE 2021 EDITORIAL: TIME TO GO By David Stuckey With this issue of the CEE Legal Matters magazine I conclude and Key Account Managers Zvikom- my day-to-day connection to the company I co-founded seven borero Galufu and Emma Oreg are and a half years, some 80 issues of the CEE Legal Matters super-strong and effective. I’ll miss magazine, untold thousands of articles on the CEELM web- working with you guys.
    [Show full text]