Tinkoff Bank


Tinkoff Bank, formerly Tinkoff Credit Systems is a Russian commercial bank based in Moscow and founded by Oleg Tinkov in 2006. The bank does not have branches and is considered a neobank., Tinkoff Bank has a credit rating of B+ on the Fitch Ratings and B2 on the Moody's Rating, and is the second largest provider of credit cards in Russia. Tinkoff is the world's largest digital bank, as measured by number of customers.

History

Entrepreneur Oleg Tinkov founded Tinkoff Credit Systems in 2006, after working with consultants from Boston Consulting Group to see if a bank without branches could work in Russia. Tinkov invested around $70 million in the bank, and based the bank on the American Capital One bank; Tinkov took over the Khimmashbank corporate bank in Moscow. In 2007, the bank received investment from Goldman Sachs. In 2013, Tinkoff was listed on the London Stock Exchange, raising $1.1 billion, and in the same year, the bank was named the Bank of the Year by the Financial Times' Banker magazine.
In 2013, a Russian named Dmitry Agarkov attempted to sue the bank for 24 million rubles ; Agarkov had edited a 2008 credit card agreement with the bank, and his edits had been accepted by the bank. The legal action was later withdrawn by both the parties after an undisclosed settlement was reached.
In 2015, the bank was officially renamed Tinkoff Bank, and was also named the Best Internet Retail Bank in Russia by the Global Finance magazine.
In December 2019, Tinkoff launched Russia's first fully digital ATM, without keyboard or the ability to print receipts. In the 2019 financial year, Tinkoff announced revenue increases of 33%. Tinkoff Bank has updated its app to include cinema and hotel tickets, as well as booking holiday through the bank's subsidiary, Tinkoff Travel. In March 2020, shares in the bank fell after Oleg Tinkov, who owns a 40% share in the bank, was indicted by the US. Also in 2020, the bank help fund German mobile banking startup Vivid Money, which is supported by solarisBank and Visa.

Sponsorships

From 2006–2008, Tinkoff were the sponsors of the Tinkoff Credit Systems UCI Professional Continental cycling team. In June 2012, Tinkoff became the co-sponsors of the Team Saxo Bank, with the team being renamed Saxo Bank–Tinkoff Bank. For the 2016 cycling season, Tinkoff Bank became the sole sponsors of the cycling team.
In 2018, Tinkoff became the sponsor of the Russian comedy TV competition KVN with a contract for three years. The same year, Tinkoff sponsored a Depeche Mode concert in Moscow.
Since February 2020, Tinkoff is the title sponsor of the Russian Premier League.