Russian Fintech Tinkoff Adds Services, Makes Hires

Russian fintech Tinkoff has launched Tinkoff Private, a new offering geared to affluent customers. It is a digital private banking service combining a range of actions for the HNWI segment that is now available in the Tinkoff and Tinkoff Investments apps.

Tinkoff Private creates a detailed customer profile to determine a customer’s long-term goals and offer them the most relevant services. It has divided its products into investment support, banking services and lifestyle, within which they will develop several services. They begin with The Advisory Model, which provides assistance with long-term investment portfolio planning.

Private Equity facilitates investments in private equity funds, which enable customers to invest in private companies with high growth potential that are inaccessible to most investors. IPO, pre-IPO and SPAC capability offers investing in companies planning IPOs.

Banking services via an app include proxy designations, one-click cash delivery, tax consultations and Tinkoff Private Cards – premium Mastercard World Elite metal cards with a unique vertical design.

A range of lifestyle services will be offered, including private tours of the Antarctic that combine sightseeing and investment talk. Tinkoff Private covers up to $150,000 of travel medical expenses per insured individual, and customers who maintain and expand their Tinkoff Investments portfolios receive complimentary rides with a private driver in Wheely’s luxury cars. Those presenting their Mastercard World Elite card get unlimited access to Lounge Key airport business lounges around the world. Additional services include wine sommeliers and concierge services.

Tinkoff also appointed Ilya Oprenko its head of Private Banking where he will develop Tinkoff Private and grow its assets, while managing the private banking teams. Dmitry Panchenko, director of Tinkoff Investments, will oversee the development of Tinkoff Private.

“With 16.7 million customers, Tinkoff is Russia’s third largest bank in terms of active customers, while Tinkoff Investments is a pioneer and leader in the private investment market,” Tinkoff Group CEO Oliver Hughes said. “Tinkoff Investments boasts 2.3 million customers, and has total assets exceeding RUB 500 billion. Our services have been increasingly used by high-net-worth individuals (HNWI), who traditionally operate in the wealth management segment. This has inspired us to create this new segment, where we can offer these customers private banking services.

Hughes said Tinkoff Private is committed to digitalizing traditional private banking services. Their goal is to make Tinkoff a key market player in private banking segment as early as 2023.

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