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Otkritie to Launch a High-Tech Factoring Service for SMEs


Otkritie is launching a remote factoring service for small and medium-sized businesses and expects to become a leader in the segment within a year. The service is targeted at trading and manufacturing companies that supply goods to major enterprises. The service will be available nationwide, with approval taking just 1-3 days.

Otkritie Factoring will be guided by Victor Vernov and his team, the people who built the country’s largest factoring business for entrepreneurs.

Senior Vice President of Otkritie FC Bank Maxim Yampolsky described the vision for the project: “One of the key aspects of our strategy for working with businesses and strengthening our leadership in digital solutions is the development of high-tech services provided remotely. Not only do we intend to become a leader in the factoring services market for SMEs within a year, we are also going to benefit from the synergy created by other divisions servicing our SME clients, specifically the Tochka project (a fully remote payment processing service) and the service for SME clients of Khanty-Mansiysk Otkritie Bank focusing on classical banking products for business owners.”

“We will leverage state-of-the-art online technologies combined and our experience building volume businesses to create a product that is both technology-intensive and simple,” said Victor Vernov. “This will help us become a leader in the factoring services market for SMEs, both in terms of business scale and innovation. I am bringing the best specialists with me to promptly build out and launch the service,” said Vernov, future CEO of Otkritie Factoring.