- Business
- QIWI plc (NASDAQ: QIWI; MOEX: QIWI.ME) operates as a provider of next-generation payment and financial services focused on international operations following the divestiture of its Russian business. The company offers electronic wallet solutions such as QIWI Wallet; payment acceptance and card processing services across multiple channels and platforms; digital marketing services; software development; and research and development services, primarily serving B2B markets including e-commerce, taxi services, payouts for outstaff and self-employed workers, as well as B2C customers in regions such as Kazakhstan, Moldova, Belarus, Romania, the United Arab Emirates, and other countries. QIWI plc maintains a network historically encompassing millions of wallets, virtual cards, kiosks, and terminals, with subsidiaries including QIWI Bank JSC for retail and corporate settlement, cash services, account management, guarantees, international money transfers, and foreign exchange operations. Founded in 2007 and headquartered at Kennedy 12, Kennedy Business Centre, Nicosia, Cyprus, the company generates the majority of its revenue from its Payment Services segment.
In January 2024, QIWI plc completed a major restructuring by entering into an agreement to sell its Russian assets, consolidated under JSC QIWI, to Fusion Factor Fintech Limited, a Hong Kong company owned by former CEO Andrey Protopopov, for RUB 23.75 billion payable in installments, enabling a strategic shift toward international growth and compliance with NASDAQ and OFAC requirements. Subsequent updates in May, August, and November 2024 extended payment terms for the second and third installments to May 31, 2025, amid buyer challenges, while the company delisted its ADSs from NASDAQ in September 2024 and revoked QIWI Bank's license post-sale, resulting in a 57% year-over-year decline in payment volume to USD 0.6 billion for the first half of 2024. Earlier, in December 2022, QIWI acquired a 78% effective stake in RealWeb, bolstering its digital capabilities, as part of pre-restructuring expansions; the company now monitors performance under a single Payment Services segment and pursues M&A for non-Russian growth.