MICROCAPITAL BRIEF: Russian Payday Lender Bistrodengi Selects Diasoft’s Flextera Banking Software

Bistrodengi, a Russian payday lender that offers payday loans of RUB 1,000 to RUB 16,000 (USD 28 to USD 453) for periods of seven to 16 days, recently selected Flextera Loans, a core banking solution from Diasoft, to support its lending and accounting operations. Diasoft’s software is used by approximately 340 financial institutions worldwide. The company is headquartered in Russia, and it also has offices in China, Cyprus, Ukraine and the United Kingdom.

Mr Yuri Provkin, the CEO of Bistrodengi, explained that the institution selected Flextera Loans due to its compatibility with existing information technology infrastructure and its adaptability to the changing legislative and regulatory environment in Bistrodengi’s area of operation[1].

According to Diasoft CEO, Mr Dmitry Zubarev, the agreement with Bistrodengi constitutes the first implementation of the Flextera Loans system in the microfinance sector[1].

Bistrodengi has 530 offices in 170 cities in the Russian Federation and employs approximately 3700 employees as of 2014.

By Alíz Crowley, Research Associate

About Bistrodengi

Established in 2008, Bistrodengi is a lender in Russia, specializing in loans-to-paycheck services. Bistrodengi offers payday loans of RUB 1,000 to RUB 16,000 (USD 28 to USD 453) for periods of seven to 16 days. Headquartered in Ulyanovsk, Bistrodengi has 530 offices in 170 cities in the Russian Federation as of 2014. The organisation employs approximately 3700 staff members as of 2014. Bistrodengi does not report to the MIX Market, the US-based nonprofit microfinance information provider, and financial data on the firm are not otherwise available.

About Diasoft

Founded in 1991, Diasoft is a provider of financial software solutions designed to support retail, corporate and universal banking as well as treasury, capital markets and insurance services. The main service offering of Diasoft is the Flextera platform, which enables front-to-back automation of financial services. As of 2014, Diasoft’s solutions are used by approximately 340 financial institutions worldwide. The company is headquartered in Russia, and it also has offices in China, Cyprus, Ukraine and the United Kingdom. Financial data on the firm are not available[3].

Sources and Additional Resources:

[1] Finextra, “Diasoft signs microfinance firm Bistrodengi to Flextera,” May 2014, http://www.finextra.com/news/announcement.aspx?pressreleaseid=54902

MicroCapital Universe Profile: Bistrodengi https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Bistrodengi

MicroCapital Universe Profile: Diasoft https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=diasoft

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