OREANDA-NEWSTCS Group (the parent company of Tinkoff Bank and Tinkoff Insurance) plans to invest € 25 million in the creation of a fintech company focused on retail customers in Europe, with the exception of the CIS, follows from the disclosure of the group on the London Stock Exchange.

The new company will offer non-credit financial products to European customers: financial and banking retail products and transaction services, the Russian media said in the press service of Tinkoff Bank. In which countries of Europe it will conduct activities, the representative of the group did not specify. The project is scheduled to be launched in 2020, TCS Group will become its key investor and owner of a controlling stake, follows from the disclosure. The amount of the initial investment of the group will be up to € 25 million, additional injections will be made in tranches as the project develops.

To focus on the new product, two top managers of the group will leave their positions: Artem Yamanov, Senior Vice President of Tinkoff Bank for Business Development, and Alexander Emeshev, Vice President of New Products Development. Both of them will become founders and co-investors of the new company.