Russian fintech continues to grow, but noticeably slower. In the first half of 2026, the revenue of the 100 largest companies increased by 9% against 16% a year earlier, reaching 130 billion rubles, according to Smart Ranking research.
Payment services remain the largest segment: in the second quarter, they earned almost 20 billion rubles and occupied about 30% of the market. YuMoney became the revenue leader with 7.325 billion rubles, and the A3 service showed the fastest growth – by 339%, up to 869 million rubles.
The main reason for the slowdown is that the market is maturing, and fighting for new customers is becoming more expensive. Additionally, high borrowing costs, tax changes, lending restrictions, and preparations for the launch of the digital ruble are putting pressure.
Financial companies have to simultaneously restructure processes to meet new requirements: biometrics, income verification through government services, and new lending rules. Some investments are also going into migrating infrastructure to Russian solutions.
However, growth will not stop: by the end of 2026, the market may still add 15–20%. Experts name AI, payment data analytics, and financial services integrated directly into marketplaces, logistics, and other familiar products as the next sources of revenue.