Tinkoff Investments Strategy Day - Russia's leading one-stop full service digital retail investment platform
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Strategy Day Tinkoff Investments Russia’s leading one-stop full service digital retail investment platform
Our Agenda
Our platform and products
Some of our coolest products and features
Our customers
Our monetisation
Our growth potential
Our targets
tinkoff.ru
tinkoff.ru
Our platform and products
tinkoff.ru
tinkoff.ru
Tinkoff Investments: history of exponential growth
Total active clients, 000s 1 359
1 051
234
6 30 84
2021
>60% share in active
2020 investors on MOEX
2019 Gained leadership 1 mn users of Pulse
2018 in # of active clients
2016 2017 Launch of margin
on MOEX
>5 mn registered clients
Full in-house offering trading, DOM, and on MOEX
Launch of MVP Launch of with our own broker all types of exchange Launch of microinvestment
Launch of derivatives
and partnership mobile app license orders service, stock screener,
on MOEX
with BCS investments guide, remote
Launch Launch of social opening of accounts, DCM >10 own ETFs
of roboadvisor and network Pulse and
Tinkoff Capital own Reached 1 mn DARTs
Premium services
ETFs on a monthly basis
4
Tinkoff Investments at a glance
5.2 mn Tinkoff has a larger active customer base on MOEX than 6 next
brokers combined
Total registered
customers on MOEX
66%
1.4 mn
Active customers*
70% 14% 14%
Customers are 18 to 38
years old 3% 3% 2% 2%
Tinkoff Sberbank VTB Alfa BCS Otkritie Finam
Rub 415 bn Market share in active** customers on Moscow Exchange, %
Total assets under custody Note: *Tinkoff definition of active customer (i.e. revenue generating over last 30 days) **MOEX definition, as of end
April 2021 (Alfa includes Alfa-Bank and Alfa Capital customers). 5
We are Russia’s leading
one-stop full service digital
Tinkoff
In Rubles
retail investment platform ALL
Equities
We provide access to various …on several venues… Sberbank
asset classes…
Stocks (domestic & international) Moscow Exchange Amazon.com
Bonds (domestic & international) St Petersburg Exchange
Currencies
ETFs & funds OTC / 3P brokers (10k+ international
instruments)
Derivatives US Dollar
Ruble
…through multi channels.. …on unique IT backend
Mobile app In-house independent development
ORDER BOOK
Web terminal >250 dedicated developers Portfolio What to buy Thread Chat Profile
Bid Volume Ask
Open API Scalable capacity for several mn trades
per day
6
We are
Russia’s DIY ECM / DCM
Investments
leading
services
Social
one-stop full
Open API
Network
service digital Financial
Education
Corporate
brokerage
retail
investment Robo
advisory
Wealth
Management
platform Micro
investment
Tinkoff
Investments
Asset
Management
Existing services New planned services
7
We are the undisputed leader in Russia
Average 27min spent on the app
per day, over 8 sessions
Tinkoff
Investments
Sberbank VTB My
Investor Investments
Otkritie Alfa- BCS World of
Investments Investments investments
Bug fixes
Best investment
service in the
world
Tinkoff
Sberbank 1.3 mn active* clients VTB
Otkritie Alfa-Bank 0.3 mn active clients 8 mn downloads** 0.3 mn active clients BCS Finam
40 k active clients 38 k active clients 2.6 mn downloads 2.1 mn downloads 56 k active 39 k active clients
0.4 mn downloads 0.5 mn downloads 1.6 mn downloads 0.4 mn downloads
Source: *MOEX definition (Apr 2021 data), **App Annie total downloads (iOS and Android), as of 1 May, Screenshots are as of 24 May 8
We are also a leading retail investments platform worldwide
Biggest global brokerage firms, DARTS (mn) Total downloads and app ratings
Total downloads,mn Avg rating
8.4
4.6 4.7 4.7
3.8 4.0
3.5 3.4
3.0
3.5 3.2 3.0 31
1.4
0.9 9 8
0.5 5 5 4 1
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Source: Company data for DARTs (latest available for 2021), App Annie, as of 1 May 2021.
9
Total downloads are for iOS and Android together. App rating is average for iOS and Android
How we are disrupting the market?
Our competitive advantage is based on:
Tinkoff DNA: Most talented young
01 entrepreneurial culture, 02 Focus on growth with
unique marketing tools
03 and motivated team
no bureaucracy, flat and “test and learn” on the street
organizational structure approach
Brand recognition,
04 synonymous with retail
05 State of the art technology: 06 Highly engaged
Incredibly fast time to Tinkoff customer base
investments market for new products and deep integration
and features with Tinkoff ecosystem
07 Client centric strategy
10Some of our coolest products
and features
tinkoff.ru
tinkoff.ruClose Top up settings
Ways of topping up
Round up exenditures
How much to round up
Investment Box
All Weather Portfolio
Rounding up every ruble expenditure into the Investment Stable historical performance with controlled risks
Box
Yes, crises can be good opportunities for investors.
Automated microinvestment service. Allows
How does rounding up work? But it’s difficult to pick which asset class will win
over the next 12 months. Stocks, bonds, or maybe customers to invest in well diversified funds in three
FX?
Transfer cashback In order not to guess, invest in Tinkoff’s All Weather
different currencies
Cashback from RUB Tinkoff Black account is invested Portfolio, as it is evenly spread across stocks, gold,
into Investment Box short and long term bonds. Across many years, such
>1 mn
balance helped to deliver solid results irrespective of
the economic situation. The historical average yearly
Transfer interest earned
performance of this fund was 14% in rubles, 7% in opened accounts
dollars, and 6% in Euros.
Interest earned on the Tinkoff Black balance is invested
>700 k
into Investment Box Tinkoff All Weather
portfolio EUR
active accounts
Regular transfer
Tinkoff All Weather
Money is regularly transferred into investment Box from portfolio RUB
Rub 8 k
Tinkoff Black – you decide how much and how frequently
Tinkoff All Weather
average portfolio size
portfolio USD
TUSD
Portfolio What to buy Thread Chat Profile Portfolio What to buy Thread Chat Profile
12Social network Pulse
Portfolio Performance
Assets Companies Sectors FX 2019 2018
Social network for investors to obtain useful
Mr_Investor market information, educational content from
In the investments business for more than 10 years more experienced users, as well as from
1,2K subscribers SUBSCRIBE issuers directly
291 subscriptions More than 500k RUB For year 2019
42 companeis
October
LTM
More than 500k RUB
portfolio size
150
trades
September
August
1 mn registered users
1 mn comments per month
FinEx
July
Publications Sberbank
June
Nornickel
200k posts per month
Mr_Investor
Cash May
$CSCO does anyone have it in their portfolio? What
Lukoil April
is the growth outlook? It fell following results, but I
don’t want to sell at a loss. Should I hold or sell? Gazpromneft
1.4 mn MAU
March
MTS
Portfolio What to buy Thread Chat Profile Portfolio What to buy Thread Chat Profile
February
Portfolio What to buy Thread Chat Profile
13For whom? For whom?
Shelves Novice investors Screener Advanced investors
What to buy
New Screener
Strategy from Tinkoff Retail Transport Medicine
Shelves are smart showcases More
Screener is a service that
in the section “What to buy”. Markets
allows to filter stocks
They are tailored depending Region Index according to certain criterias
on the investment profile chosen by the investor
More on of the user Financial metrics
strategy
Read market review from Market cap EBITDA
Tinkoff Investments
Market cap (USD bn)
50 000 Every fifth
Value of the company on the stock market
Dividends
10bn 10-2 024,5
new users make their first trade customer chooses Screener.
through Shelves More often than not, investors
buy large Russian blue chips
To apply
Portfolio What to buy Thread Chat Profile
14Portfolio
In which currency do you
want to invest?
Your suggested portfolio for this sum
Owl – our roboadvisor
Your portfolio Enables users to create balanced portfolios
OFX 26211
Regional bond
given certain user criterias
Gazpromneft
Severstal
Rubles Dollars Unipro
Gazprom
Tatnef Prefs
For whom? Novice investors
MMK
NMTP
all customer portfolios formed
Tatneft
More than
by customers, are formed
Hide assets half of through our roboadvisor
By sector
Government bonds 20-30 Portfolios formed by our
Energy
thousand roboadvisor every day
Continue
50 000 The average sum invested
Portfolio What to buy Thread Chat Profile Portfolio What to buy Thread Chat Profile
rubles in a portfolio
Before forming the portfolio, Owl will form a balanced portfolio
Owl will ask three questions: for the desired sum
currency, sum, and prefrences
15Key characteristics Web terminal– our professional trading
Works on all browsers and devices
Intuitive settings and workspace platform for active traders
Tradingview charts with technical analysis
All types of trading orders
Share of trading volume*: 25%
Trading volume per customer*: 12x
higher than in the app
Average trade size: 2x higher than
in the mobile app
Number of web-terminal customers:
>75k
16Working with HNWI
Close
Close
Tax consultations Technological approach to private
banking
When to Tax
submit your How to pay optimization
declaration your taxes tips
Personal services with Personal manager
Tinkoff Private Tax consultations
Free of charge subject to these criteria Tax consultations
Tax advisory through EY
New consultation Attractive brokerage tariffs on Eurobonds
Personal manager and other off-exchange instruments
Mikhail Sovetov
Declaration 3-NDFL Portfolio analytics
Send to tax authorities before April 30
Transfer of securities through web-portal
Fill new
Cash Collection
We can pick up and deliver any sum,
IPO, pre-IPO, SPAC – access to private equity
whenever you may need
Consultations by EY investments
Order Cash Collection
Personal services with Tinkoff Private
Portfolio What to buy Thread Chat Profile Portfolio What to buy Thread Chat Profile
17Superior customer Calls
service is a key 6 minutes average waiting time. We are aiming for 2 minutes
competitive advantage Chats
2 minutes average response time
Complaints
Within 3 hours— we process complaints about critical
functionalities
Automation
х2 increase planned
by year end
We have halved the dialogue time. Now the customer
receives an answer twice as quickly.
Our Smart Chatbot deals with 35% of all customer queries
600 employees on the 1st
support line Self-service
We launched a new educational course on investments.
150+ employees on the 2nd From 35% to 16% — reduction in the share of active
support line customers asking for help
18Financial education
Podcasts is at the core of what
we do
Investments textbook Things we do
Investments guide (including web version)
INTRODUCTION
Why everyone needs Social educational platform
We announce new hosts and discuss
to invest? hype around Fix Price IPO
Podcasts / videos
Tinkoff Investments
Youtube shows: “Money doesn’t sleep”
LESSON 1
Where and how to invest?
Benefits for the customer
More informed choices, bigger wealth creation
LESSON 2 opportunity
Open Individual Investment
Account as well Benefits to us
Special Issue. Data centers and how
to invest in them
LESSON 2 Higher loyalty and AuC
Lower servicing and acquisition costs
Portfolio What to buy Thread Chat Profile Portfolio
Portfolio What to
What to buy
buy Thread
Thread Chat Profile
Upsell potential
19Our customers
tinkoff.ru
tinkoff.ruOur customers are young, smart,
and buy-and-hold oriented
Male 69% 60% Single
87%
of investors use a conservative
Female 31% 40% Married buy and hold approach
F
er situ amily
n d ati
Ge on
28-38 years 43% 50% Have kids
Average 18-28 years 27% 50% No kids Number of monthly trades
age 34
years 38-48 years 21% per customer
Kids
Age
48+ 9%
72% Up to 3-х trades
Specialists 54% Kin
act d of
ivit catio
n 72% Higher education 15% 5-10 trades
Executives 17% y E d u 23% Secondary education
Business Owners 15% 4% Several higher
educations
9% 10-50 trades
Unemployed 13%
1%
Retirees 1%
Academic degree
4% More than 50 trades
21We are helping Russians move
up the investments ladder
“Premium” /
“Private” offering
“Trader” offering 33 k active clients
37y median age
200 k active clients
“Investor” offering 34y median age
85% male
1.2 mn active clients Rub 5.2 mn avg portfolio
77% male
Investment Box
32y median age 2.5 bp base tariff
microinvestment Rub 0.6 mn avg portfolio
service 64% male 2.5-5 bp tariff + Rub290
up to 4 pp tariff for OTC
products
fixed fee
1 mn clients Rub 110 k avg portfolio
Access to >10k
Rub 8 k avg portfolio 30 bp base tariff international assets
22Customer acquisition is viral, driven by cross-sell
Almost half of new utilizations are coming
>60% of utilizations are organic
from cross-sell to active Tinkoff clients
27%
38%
47%
62%
25%
Cross sell to active clients Reactivation of old clients Organic Paid
New clients
23Investments customers want to use Tinkoff
ecosystem products
21%
25%
20%
2.5
15% 1.7
1.4
10%
5%
0
Tinkoff Tinkoff Black Tinkoff
Dec 18
Mar 19
Jun 19
Sep 19
Dec 19
Mar 20
Jun 20
Sep 20
Dec 20
Mar 21
Investments
% of Tinkoff Black customers using Tinkoff Investments
Products per customer, 1Q21
is steadily growing
24Our monetisation
tinkoff.ru
tinkoff.ruMore opened accounts are being utilized
Average utilization % by cohorts
50% 1Q 2020
2Q 2020
45%
3Q 2020
40%
4Q 2020
35%
30%
25%
20%
15%
1 2 3 4 5 6 7 8 9 10 11 12 13 14
Months since opening of account
26Our customers are continuously topping up their
investment portfolios
Median customer portfolio, average Total portfolio by account opening cohort
across 1H20 cohorts
and 6x by 12th month Rub,bn
60
6.5x 2Q20 1Q20
5.9x 50
5.2x
4Q20 3Q20
3x AuC increase by 5th month 4.7x 40
4.2x
3.8x
3.4x 30
3.0x 1Q21
2.6x
2.1x 20
1.7x
1.0x
10
0
1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16
Months since funding of account Months since opening of account
27We see a consistent increase in AUC
Our assets under custody are growing Net inflows into our AuC are solid
steadily despite market volatility
AuC, Rub bn Net new money, Rub bn
500 35
450
30
400
350 25
300 20
250
200 15
150 10
100
5
50
0 0
Jan 19
May 19
Jan 20
May 20
Jan 21
Jan 20
Feb 20
Mar 20
Apr 20
May 20
Jun 20
Jul 20
Aug 20
Sep 20
Oct 20
Nov 20
Dec 20
Jan 21
Feb 21
Mar 21
Apr 21
Mar19
Jul19
Sep 19
Nov 19
Mar 20
Jul 210
Sep 20
Nov 20
Mar 21
28With customer growth come higher monetisable
trading volumes
Our customer base is expanding rapidly… …as we are approaching 1.5 mn trades per day
App DAU, mn App MAU, mn Active customers, mn DARTs, mn
1.3 1.4
2.8 1.2
3 1.1
1.0
2 0.7
1.4 0.6 0.6 0.6
0.5 0.5 0.5
1.0 0.4
1
0.2 0.2
0
1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21
Jan 20
Feb 20
Mar 20
Apr 20
May 20
Jun 20
Jul 20
Aug 20
Sep 20
Oct 20
Nov 20
Dec 20
Jan 21
Feb 21
Mar 21
29Our revenue is expanding 2020 revenue split
with diversifying sources
35%
4.6
Interest Margin trading
3.5 income Interest on placement
of cash balances
2.2
1.6
0.8 0.7
0.9 65%
0.5
0.1
0.1 Fee income Trading commissions
Management fees
1Q20 2Q20 3Q20 4Q20 1Q21
Subscriptions
Revenue, Rub bn Profit before tax, Rub bn FX conversion fees
30Our growth potential
tinkoff.ru
tinkoff.ruWe know how
to grow…
Open account
and get free stock up
to Rub 25 000 for We created a superior, tailored,
passing a course and viral product
Extensive marketing campaigns
1.7 including TV advertising
1.2 Targeted performance marketing
0.9
0.6 0.6 0.7
Extensive cross-selling capabilities
Tens of innovative mechanisms
to drive cheap acquisition and loyalty
4Q19 1Q20 2Q20 3Q20 4Q20 1Q21
Portfolio What to buy Thread Chat Profile
Total app downloads on all platforms, mn
32…In a market that has already been growing
very quickly…
Total retail investment holdings, Rub tn Number of unique retail clients on MOEX, mn
11.7
6.0
24% 8.8
3.2 29%
2.0 18%
3.9
25%
19% 2.0
25% 47% 1.1 1.3
58% 0.9 0.9 1.0
56%
2018 2019 2020 2013 2014 2015 2016 2017 2018 2019 2020 Apr 2021
Fixed income Equities Cash&Other
Source: NAUFOR (total retail investment holdings include brokerage and managed accounts), MOEX
33…but still has huge growth potential
Share of securities in total household financials assets Tinkoff AuC are only 7% of total retail investments
is very low in Russia and only 1% of total deposits in Russia
1%
52% 54%
47% 48% 34
40% 41%
7%
29%
24% 26%
22%
17%
14% 6
11%
0.4
Russia Turkey UK South Germany Poland France Canada Czech Sweden Mexico Brazil USA Tinkoff investment Retail investment Retail deposits
Korea Republic AuC holdings
Source: CBR (for Russia – share of securities and mutual funds holdings, 2020), OECD Note: Rub bn, as of 1Q21 (2020 for retail investment holdings)
(for other countries, 2019, Brazil, 2017) 34Our targets
tinkoff.ru
tinkoff.ruTinkoff Investments
perfectly fits with our Grow
Huge market potential with structural growth
strategic targets
Comprehensive
Full service platform servicing all types of customers
for all savings and wealth needs
Engaging
Highly engaged customers with high product usage
Innovative
Market leading app, platform, with increasing usage
of AI to tailor savings and investment solutions
Profitably
Key monetisation channel
36We want to satisfy investment needs of all customer types
Private Equity, IPO, Pre-IPO,
Open API and more complex financial
instruments
Structured notes
Simple fixed income structured products for non-qualified investors
>10k instruments for qualified investors
Complexity
Internet Trading on Russian exchanges
Tailored wealth management
Wealth management and open-end fund strategies
strategy / advisory
Exchange-traded funds Closed-end funds
Investment Box
Microinvestor Investor Trader Premium HNWI
Existing products and services New products and services
37Our 2023 ambitions
FY20 1Q'21 FY23 ambitions FY20-23 CAGR
Active customer base 1.05 mn 1.4 mn >5 m >60%
Assets under custody Rub 0.3 tn Rub 0.4 tn >Rub 2 tn >80%
Revenue Rub 8.1 bn Rub 4.6 bn >Rub 40 bn >70%
Stable to
PBT margin 18% 19%
improving margin
38Appendix
tinkoff.ru
tinkoff.ruTinkoff 4.7 1.4 mn Daily
Investments app rating
415 bn Average Revenue
RUB AUC
at a glance on iOS Trades (DARTS)
1.4 mn #3 most
active 1 mn DAU / popular
>60% share of customers, 2.8 mn MAU finance app
= 36% sticky in Russia*
active customers 4x YoY
factor
on MOEX
>5 mn 150 mn
27 min trades in
registered average daily
customers 2020
time spent on
on MOEX app
Source: Data as of 1Q21 Company
data, *App Annie, as of 1 May 40Tinkoff Investments: MOEX: #1 by number of active and registered
customers
We are the undisputed Registered clients Active clients Tinkof’s share of active clients on MOEX
leader in Russia 66% 66% 70%
6
59% 5.2
5 55% 4.8 60%
Top broker on MOEX (leading 50%
4 41% 3.5
domestic stock exchange, $1.5 bn
40%
millions
equity ADT*) 31%
3 28% 2.6
2.0 30%
21%
2 19% 1.4
Top broker on SPB Exchange 16% 1.2 1.3 20%
1.1
0.7 0.9
(leading venue for foreign stocks, 1 0.6 0.6
0.4 0.3 10%
$1.7 bn equity ADT) 0.1 0.2
0.1
0 0%
1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 Apr 21
SPB Exchange: #1 by number of active and registered
Source: Company data, *ADT is average for 4m’2021 customers and total trading volumes
41Engagement with
our Tinkoff Tinkoff
Investments
Tinkoff Main
App
Investments app DAU 1m 3.6m
is comparable to that MAU 2.8m 10.9m
of social networks Sticky Factor 36% 33%
6.1m Android + 12.4m Android +
# of Downloads 2.1 iOS 5.7m iOS
#3 in Finance #2 in Finance
# on App Store Russia Russia
27min / working
Average time spent 4 min
day
How many times
a day the app is 8 2.2
opened on average
Source: Company data, App Annie, as of 1 May 42Customer engagement is improving with time
% of Tinkoff Black clients that start utilizing
Tinkoff Investments, by vintage
16% Jan 19
Apr 19
14%
Jul 19
12% Oct 19
10% Jan 20
Apr 20
8%
Jul 20
6% Oct 20
4% Jan 21
2%
0%
0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26
Months since utilization of debit card 43Investments is a key product for younger
and mass affluent customers
Share of 20-30yo in 20yo+ population/customer base Demographic distribution
for 20+ years old
40% Investments
35%
Debit Card 29% 60+ 2%
30% 17% 50-60 5%
Credit Card Cash Loans
Younger
25% 18% 40-50 15%
20% 22% 30-40 41%
Car Loan Home Equity
Russia
15% 15% 20-30 38%
10%
More Mass Affluent Russia Tinkoff Investments
5%
0%
30 40 50 60 70 80 90 100 110
Average Monthly Wage (RUB k) 44Summary financials
in ₽ bn or otherwise stated 1Q20 2Q20 3Q20 4Q20 1Q21 1Q21 / 1Q20 2019 2020 2020/2019
Revenue 0.8 1.6 2.2 3.5 4.6 x5.4 1.0 8.1 x8.5
Fee and commission income 0.6 1.1 1.4 2.2 2.8 x4.8 0.7 5.3 x7.9
Interest income 0.3 0.5 0.8 1.3 1.8 x7.0 0.3 2.8 x9.9
Expense -0.7 -1.4 -1.5 -2.9 -3.7 x5.0 -1.7 -6.6 x3.8
Fee and commission expense -0.2 -0.4 -0.4 -0.6 -0.7 x3.7 -0.2 -1.5 x9.0
Customer acquisition expense -0.2 -0.6 -0.6 -1.6 -2.1 x9.2 -0.8 -3.1 x3.7
Administrative and other operating expenses -0.3 -0.4 -0.5 -0.7 -1.0 x2.9 -0.7 -2.0 x2.8
Segment result 0.1 0,1 0.7 0.5 0.9 x8.9 -0.8 1.4 -
Total portfolio (EoP ‘000) 86 144 221 315 415 x4.9 53 315 x5.9
Total utilized customers (EoP ‘000) 436 642 862 1 264 1 805 x4.2 259 1 264 x4.3
Active customers (EoP ‘000) 340 518 699 1 051 1 359 x4.0 234 1 051 x4.5
Monthly revenue per active, ₽k 1.0 1.2 1.2 1.3 1.3 30% 0.6 1.2 x2.0
Cost/Income ratio 51% 36% 29% 25% 25% -26.5 р.р. 91% 31% -60.1 р.р.
Cost/Income ratio (incl. acquisition) 85% 89% 62% 82% 78% -7.5 р.р. 198% 78% -119.8 р.р.
PBT margin (Segment result / Revenue) 12% 8% 31% 15% 19% +7.4 р.р. -81% 18% -
Gross margin (Net F&C + Interest income / Revenue) 79% 77% 83% 82% 86% +6.8 р.р. 83% 82% -1.1 р.р.
Interest income / portfolio annualized 1.4% 1.6% 1.8% 1.9% 1.9% +0.5 р.р. 0.9% 1.7 0.8 р.р.
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