Russian digital ecosystem reaches the global market: how Moscow-based Innova conquers the world of financial technology
Moscow-based Innova was awarded the Made in Russia certificate from Russian Export Center (REC, VEB Group) and is promoting its digital ecosystem to foreign markets. Demand for the products is particularly high in the CIS countries and the Middle East, where the company is already building strategic partnerships. Thus, over the past 3 months, more than 20 organizations from Kazakhstan, the UAE, Armenia, India and Israel have expressed interest in company's solutions.
Innova was founded in 2021 and grew out of a startup at the National Research University Higher School of Economics. Today, it is developing Artemis ecosystem, which is a set of integrated digital solutions including financial analytics platform, educational system with adaptive learning, secure solution for digital payments, and corporate AI platform for analytics and support of management decisions. The company also provides practical support to businesses and startups. For example, in a number of projects, AI-based automation has made it possible to achieve up to 40% increase in operational efficiency.
The flagship product for which Innova was awarded the Made in Russia certificate is iTrade Global, a professional stock exchange simulator that combines functionality of a virtual trading platform and an intelligent competency assessment system. The product is focused on the prop trading market, the global volume of which is estimated at more than 800 billion rubles, and allows for the analysis of risk management skills, reducing the losses of private investors, a problem faced by more than 90% of traders worldwide.
"According to statistics, out of 35 million traders in the world, more than 90% lose money due to a lack of systematic knowledge in risk management. iTrade Global helps to eliminate this gap due to its high adaptability, analytical base, accessible usage model and bonus system. The development was built with an orientation towards emerging markets, where the deficit of high-quality solutions to improve financial culture and literacy is especially acute," Maxim Komarov, Founder, Innova.
All products are designed taking into account local cultural, legal and behavioral features. To date, the system has been localized for 7 countries. This makes the solutions competitive at the global level and reduces the risks of copying. Developed with an export focus, the platform is delivered as an out-of-box solution on physical media with license, as a server version at the customer's site and a cloud-based platform available on subscription, which already accounts for more than 60% of all requests.
Maxim Komarov says that due to a hard-to-copy business model, flexible customization, and a deep understanding of local specifics, the company is becoming an attractive alternative to Western analogues, offering clients a truly innovative product that is technologically advanced and 25% more affordable.
"We are actively forming strategic alliances with partners in the Middle East and the CIS countries, where preliminary agreements on cooperation have already been reached with more than 20 organizations. In parallel, we offer white-label solutions, which have already interested more than 10 local players. Particular attention is paid to attracting strategic investments - during the last quarter. We held more than 15 meetings with potential investors and funds to accelerate international expansion," Maxim Komarov, Founder, Innova.
In particular, in the UAE, Innova works with leading financial institutions specializing in innovative technologies. In the Emirates, the company sees opportunities thanks to the rapid development of Dubai's fintech ecosystem: the volume of investments in the sector in 2024 exceeded $2.5 billion, and the number of fintech companies has grown by more than 50% over the past 2 years against the backdrop of active government support.
In Kazakhstan, agreements have been reached with specialized financial organizations. In particular, 3 pilot projects are being developed with local market participants. According to Innova Kazakhstan is an ideal launching pad for expansion into the CIS countries. In parallel, work is underway to enter the Armenian market through cooperation with local innovation centers. In Israel, the company is interacting with two technology funds. In the next year and a half, it is also planned to enter the Indian market through EdTech communities.
"Each direction is of particular value to us. The Middle East is a powerful fintech hub, Armenia and Israel are centers of technological development, Kazakhstan is an ideal launch pad for entering the CIS markets, where our business model is not yet represented. The volume of the accessible market in Russia is estimated at 7 billion rubles over a five-year horizon, with an average annual growth rate of 10.48%. Additionally, due to scaling in international markets, we plan to earn over 15 billion rubles for the same period, expecting to cover up to 400 thousand users around the world," Maxim Komarov, Founder, Innova.
The company actively uses state support measures, including capabilities of My Export digital platform with up-to-date analytics, training materials and the Events service with exhibitions and business missions. Support from REC helps the team build up its competencies in foreign economic activity and expand international ties.
"Obtaining the Made in Russia certificate has become a significant stage in the company's development, opening up new prospects for international cooperation. Thanks to this quality mark, we are seeing a steady increase in trust from foreign partners and investors. Certification allows us to reach a new level in negotiations, where the status of an officially recognized Russian exporter plays a key role, and provides access to unique export support tools that help build long-term partnerships," Maxim Komarov.
The Made in Russia program, which is coordinated by the Ministry of Industry and Trade of Russia within the framework of the International Cooperation and Export national project, and the main functions for ensuring and implementing of which are assigned to Russian Export Center (REC, VEB.RF), offers free and voluntary certification for manufacturers of non-resource goods and services. The certificate can be obtained in five categories, namely quality, reliability, uniqueness, environmental friendliness and organicity. To obtain it, the company and its products or services are not subject to additional checks by REC. It is necessary to submit an application on the website of the Russian Export Center, attaching the necessary documents electronically, and sign the automatically generated questionnaire.
Please find more about the Made in Russia program on the official website.
Russian Export Center (REC, VEB.RF Group) is a state institution that supports non-resource, non-energy export. It provides companies from various industries with both financial and non-financial support at all stages of entering international markets, including within the framework of the International Cooperation and Export national project. The REC Group also includes EXIAR, EXIMBANK OF RUSSIA and the School of Export. Most of the REC services are available online on My Export digital platform.