RocketBank

RocketBank emerged on the Moscow financial scene in 2012, established by founders Mikhail Provizion, Victor Lysenko, Alexey Kolesnikov, Heitor Florido, and Hugo Cezario. Positioned as a mobile-first bank, it targeted a modern, tech-savvy clientele in Russia. The business operated on a subscription model, charging users a fixed monthly fee for a service package that included a platinum Visa debit card and a comprehensive mobile application for all personal banking needs. This package offered features like free cash withdrawals at any global ATM, seamless money transfers, and detailed expenditure analysis.

The startup's journey was marked by significant financial and strategic developments. It successfully raised $2 million in a seed round from Runa Capital, which was followed by another investment from Life.SREDA. In 2016, the burgeoning fintech was acquired by Otkrytie Bank, a major player in the Russian banking sector. This ownership was short-lived, as Otkrytie sold RocketBank to Qiwi plc just a year later in 2017 for RUB 700 million, a deal that included the brand, software, and hardware. The acquisition was part of Qiwi's strategy to expand its portfolio of next-generation payment and financial services.

Under Qiwi's ownership, RocketBank continued to operate but struggled to find profitability and synergy with Qiwi's core business. Despite exploring various strategic options, including a potential sale, a suitable buyer was not found. Consequently, in March 2020, Qiwi announced its decision to wind down RocketBank's B2C operations. The plan involved increasing tariffs and cutting the loyalty program to encourage a customer outflow, while aiming to repurpose some of RocketBank's assets and technology for other projects, particularly those serving self-employed individuals. The service was officially set to shut down by the end of 2020, concluding its eight-year run as a notable pioneer in Russia's mobile banking landscape.

Keywords: mobile banking, fintech, neobank, subscription model, debit card services, personal finance app, financial services, acquisition, Russia, digital banking