The Funds’ first investment in telecommunications was made in 1994 in FGI Wireless (which eventually became today’s Vimpelcom, one of Russia’s largest mobile telephony operators). The company was a pioneer in cellular network development in Russia. Since 1994, Baring Vostok funds have invested over $850 million in 30 companies in the internet, software, media, and telecommunications sector.


Online classifieds service
Moscow, Russia
Year of initial investments:
Partial exit in 2015 through trade sale to Naspers

Development Stages:

  • Avito was founded in 2007 by Kontakt East, a holding company owned by Vostok Nafta and Investment AB Kinnevik.
  • The Fund IV invested in Avito in May, 2012, when Avito clearly distanced itself from competitors and became # 1 classifieds player in the Russian market.
  • At the beginning of 2013, Avito acquired #2 and #4 players in the general classifieds segment (Slando and OLX) from Naspers, which also made an investment of $50 million into the company. The transaction established Avito as a dominant player, accelerated the company’s growth and helped to reduce the marketing expenses. As a result, in 2013 Avito became a profitable company.
  • Since then Avito’s traffic has been growing steadily over time, placing the company on the first place across classifieds in all major verticals (auto, real estate, services, general & e-commerce).
  • In 2013, the company also decided to build a separate platform for professional real estate players. Starting development of Domofond only in 2014, Avito has already achieved the leading position across pure real estate players.
  • At the end of 2015, Naspers, Avito’s shareholder since 2013, became controlling shareholder by buying out shares of some other shareholders (including Fund IV) at an equity valuation of Avito equal to $2.7 billion, which turned out to be one of the largest European VC-backed company exits ever.
  • Currently Avito is the leading online classifieds company in Russia (27 million monthly unique visitors on desktop and almost 15 million app downloads) and is on the way to become one of only few classifieds companies globally being #1 player in all major verticals.

Other projects


23 January 2018

CFT supports banks in complying with SWIFT CSP security requirements.

In 2017, CFT was included in the Directory of Cyber Security Service Providers accredited for implementation of the SWIFT Customer Security Programme. The company started implementing the projects on attestation and analysis of the connection security of the financial institutions’ IT infrastructure to SWIFT.
16 November 2017

CFT in TOP-3 in CNews Analytics Rating.

CNews Analytics agency has published its annual review "IT in Banks and Insurance Companies", which includes a rating of major bank IT suppliers. The rating is based on the results of the activity of market participants in 2015. Center of Financial Technologies remained second in the rating of Russia's major IT developers.
15 June 2017

CFT in TOP 3 Russian Software Developers.

RAEX rating agency has published the rankings of Russia’s major IT groups and companies based on the activity results of 2016. CFT occupies the second place of the ranking in the category ”Software development”.
29 May 2017

TKB Bank transfers to a new core banking system, CFT-Bank.

Transkapitalbank has successfully completed the project of implementation of CFT-Bank banking information system in its IT infrastructure. One of the targets of IT modernization was cost optimization of the maintenance of siloed core banking systems by transferring to a single technology platform.
13 September 2012 has been acknowledged the fastest Russian federal internet provider.

According to Net Index , telecom operator is the fastest federal internet provider in Russia. The average internet speed that provides to its Subscribers in 42 cities of presence amounts to 35 Mbit/sec., which is more than two times higher than the average internet speed in Russia (about 16 Mbit/sec.).

22 August 2012 offers a new format for services consumption – the HD.

Telecom services operator launches new bundled offers in all the 42 cities of presence, comprising the basic telecom services – high-speed internet, cable and HD TV, and telephony. The key characteristics of the bundles are the utmost speed of internet access (up to 100 Mbit/sec around the clock) and the highest number of HD channels in the basic TV package among digital TV operators (23 channels), which enables the company’s Subscribers to consume high-quality HD content in the most convenient manner – with the help of a TV set or in the internet from any video-supporting mobile device.