BNPL Service 'Podeli' Recognized as the Best Fintech Project


The BNPL (Buy Now, Pay Later) service 'Podeli' won the 'Best IT Solution — Fintech Project' category at the Retail Finance Awards 2023. The project was presented by the teams of 'Podeli' and the Cinimex, which was responsible for the technical implementation of the product.

'Podeli' is one of the first BNPL services in Russia, launched in 2022. According to Andrey Evglevsky, IT Director of 'Podeli', the project 'focuses on scale of coverage: it connects both small companies and market leaders in various segments – from FMCG to airline tickets.' BNPL products are popular for small purchases up to 30,000 rubles: unlike loans, they don't require document collection, application processing takes seconds, and the repayment period is just six weeks.

At the project's launch, there were no similar solutions in the market — the product had to be developed from scratch. Technically, it’s not simple: the system must process a huge amount of data from the store and the buyer in seconds, analyze the request, and provide a decision to both parties. All this was successfully implemented in just four months.

'In addition to classic tasks such as building environments, stands, monitoring, etc., many external integrations were implemented, including processing, scoring, and partner integrations,' explains Pavel Myshev, Deputy Director for Key Client Relations at Cinimex, in an interview with the Retail Finance magazine. 'With banks we usually work with, there are many implemented solutions, established rules, limitations. In this project, everything was done from scratch and in a very short time, so we consider it a challenge that we and our colleagues from 'Podeli' accepted and successfully responded to.'

The Retail Finance Awards, held by the Retail Finance magazine since 2007, are awarded annually based on an analysis of the retail market. This year, in the 'Best IT Solution — Fintech Project' category, besides Podeli, more than 20 projects from major players like Alfa-Bank, VTB Bank, ROSBANK, and others were among the finalists."

Source: IT-World

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