FIBR Tech Ltd., which provides online lending to businesses, and ANNA Money, a business account and admin service provider, have announced searches for new buyers. Both businesses are currently owned by ABH Holdings, which includes sanctioned Russian billionaires as its owners.

Why should we care?
While sanctions against Russia for its invasion of Ukraine have had mixed results—especially while Europe continues to pay billions for oil and gas—nations allied with Ukraine are (gradually) expanding the scope of their sanctions. FIBR Tech and ANNA Money’s indirect shareholders, Mikhail Fridman and Peter Aven, were among the first Russian billionaires to be affected by sanctions. As more ruling-class Russians fall under sanctions, we may see more fintechs—in addition to many companies in other industries—be forced to find new owners. This could lead to an accelerated acquisition period, in which financial institutions and others can purchase successful fintechs at a discounted price. If sanctions against Russia are ever lifted, its billionaires may return to a consolidated fintech landscape with fewer small players.