Who Owns QIWI Company?

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Who Owns NanduQ PLC (formerly QIWI)?

Understanding a company's ownership is key to grasping its direction and accountability. For NanduQ PLC, formerly QIWI, significant corporate restructuring and the sale of Russian assets in January 2024, followed by the revocation of QIWI Bank's license in February 2024, reshaped its ownership and operations.

The company, now officially NanduQ PLC since August 27, 2024, has shifted its focus to international markets, including Kazakhstan and the UAE, and is investing in fintech across MENA, Southeast Asia, and the EU. Its first-half 2024 results highlight these strategic changes.

Tracing NanduQ PLC's ownership reveals a journey from founders' stakes to public shareholding and recent transformative changes that have redefined its control. This evolution is crucial for understanding its current market standing and future prospects, especially in light of its QIWI PESTEL Analysis.

The QIWI Group was established in 2007 by Sergey Solonin, Boris Kim, and Andrey Romanenko with the aim of creating a comprehensive electronic payment system. Sergey Solonin played a pivotal role from the outset, holding a substantial ownership stake that granted him significant voting power within the company.

Founding Vision

The company was founded with the goal of developing a comprehensive electronic payment ecosystem. This vision guided the initial strategic direction and product development.

Sergey Solonin's Influence

Sergey Solonin emerged as a key figure, holding a substantial ownership stake. His significant voting power was instrumental in shaping the company's early trajectory.

Dual-Class Share Structure

The company implemented a dual-class share structure. Class A shares carried ten votes each, while Class B shares had one vote, impacting voting control.

Boris Kim's Role

Boris Kim is recognized as a co-founder and owner of the company. His involvement was integral to the establishment of the payment system.

Andrey Romanenko's Departure

Andrey Romanenko, another co-founder, exited the company's management in June 2017. At the time of his departure, he also divested his ownership stake.

Early Investment Details

Specific details regarding early angel investors or friends and family stakes are not widely publicized. The founding team's control was a defining characteristic of the early ownership.

As of August 2024, Sergey Solonin maintained his position as the largest shareholder of the entity, then known as QIWI plc and now NanduQ PLC. He held 28.4% of the shares and controlled 71.3% of the total votes, a testament to the company's dual-class share structure. This structure, where Class A shares possess ten votes compared to Class B shares' single vote, highlights the concentration of voting power. While public records do not extensively detail early angel investors or friends and family who acquired stakes during the initial phase, the founding team's robust control, particularly through these differentiated voting rights, ensured their strategic vision remained paramount in the company's formative years. Beyond Andrey Romanenko's exit, no other significant initial ownership disputes or buyouts are prominently reported, underscoring the stability of the founding ownership group during the early stages. Understanding this foundational ownership is key to grasping the Marketing Strategy of QIWI.

Key Ownership Facts

Sergey Solonin remains the largest shareholder, holding a significant majority of voting power due to the dual-class share structure.

• Sergey Solonin: 28.4% of shares, 71.3% of votes (as of August 2024).
• Boris Kim: Co-founder and owner.
• Andrey Romanenko: Co-founder, divested ownership in June 2017.
• Dual-class share structure: Class A shares have 10 votes, Class B shares have 1 vote.
• Early ownership: Primarily driven by the founding team, with limited public information on other initial investors.

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The ownership of QIWI has undergone significant transformations, notably with its 2013 NASDAQ IPO and a pivotal divestment of Russian assets in early 2024. These events have reshaped the company's structure and its primary stakeholders.

Following the sale of its Russian operations, the company, now known as NanduQ PLC, has seen its ownership structure solidify around its founder, Sergey Solonin. He remains the largest shareholder, holding a substantial 28.4% of the company's shares, which translates to a commanding 71.3% of the voting power. This concentration of voting rights indicates a significant level of control by its founders, even as the company pivots towards international markets and investments. The financial performance of continuing operations reflects this shift, with a 45.6% year-over-year revenue decline to USD 22.54 million in the first half of 2024, directly attributable to the divestment of its former core business.

Key Stakeholder Information

Understanding the current QIWI ownership structure is crucial for assessing the company's future direction.

• Sergey Solonin is the largest shareholder with 28.4% of shares.
• Solonin controls 71.3% of the voting power.
• The company was formerly known as QIWI plc.
• The company's Russian assets were sold in January 2024.
• The company now operates as NanduQ PLC.

The evolution of QIWI ownership demonstrates a strategic pivot, moving away from its historical Russian market focus. The divestment of its Russian assets, completed in January 2024, was a landmark event, transferring control of JSC QIWI to Fusion Factor Fintech Limited, an entity owned by former CEO Andrey Protopopov, for RUB 23.75 billion. This move fundamentally altered the company's operational landscape, prompting a name change to NanduQ PLC in August 2024 and a delisting from the NASDAQ in September 2024. Despite these significant changes, Sergey Solonin's position as the majority shareholder, with a 71.3% voting stake, underscores his continued influence over the company's strategic decisions. Investors interested in the company's financial health can review the Revenue Streams & Business Model of QIWI to better understand its operational framework.

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The Board of Directors for NanduQ PLC, formerly QIWI plc, is currently comprised of seven members, including Chairman Sergey Solonin. This structure reflects a significant founder's influence, with Solonin also being the largest shareholder. Alexey Mashchenkov serves as the CEO, a role he assumed in early 2024.

The voting power within NanduQ PLC is heavily influenced by its dual-class share structure. Class A shares carry ten votes each, while Class B shares have one vote apiece. This arrangement means that even a smaller percentage of shares can translate to a much larger proportion of voting rights. Sergey Solonin, holding 28.4% of the company's shares, effectively controls 71.3% of the total voting power, underscoring his significant influence over corporate decisions. This concentration of voting rights is a key aspect of understanding QIWI ownership.

Understanding QIWI's Voting Power

The dual-class share system is central to how QIWI company owners exert control. This structure ensures that founders and early investors maintain significant influence, even as the company grows and attracts new shareholders.

• Class A shares grant 10 votes per share.
• Class B shares grant 1 vote per share.
• Sergey Solonin holds a majority of voting rights due to this structure.
• This impacts the distribution of QIWI shareholders' influence.
• Understanding this is key to grasping QIWI ownership structure explained.

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Recent years have brought significant shifts in the ownership landscape of the company formerly known as QIWI plc. A major restructuring event involved the sale of its Russian assets, fundamentally altering its corporate structure and operational focus.

Following the divestment of its Russian operations, the company rebranded as NanduQ PLC, signifying a strategic pivot towards international markets. This period also saw changes in leadership, with Andrey Protopopov stepping down as CEO in January 2024. The delisting of its ADSs from Nasdaq in September 2024 marks a significant change in its public trading profile, though trading continues on other exchanges. These developments underscore the impact of geopolitical factors on corporate structures, prompting a focus on international expansion and strategic M&A activities in regions like MENA, Southeast Asia, and the EU, a trend also reflected in the Growth Strategy of QIWI.

Asset Sale and Payment Delays

The sale of Russian assets for RUB 23.75 billion faced payment extensions until October 31, 2025, due to operational challenges. The Deposit Insurance Agency is also contesting the deal in a Russian court.

Corporate Rebranding and Leadership Change

QIWI plc became NanduQ PLC on August 27, 2024, to focus on global markets. Andrey Protopopov resigned as CEO in January 2024, with Alexey Maschenkov taking over.

Trading and Shareholder Actions

ADSs were delisted from Nasdaq in September 2024, but trading persists on the Moscow Exchange and Astana International Exchange. A proposed share buyback of up to 10% of shares was not approved by shareholders.

Industry Trends and Future Focus

Geopolitical factors are driving corporate restructuring and geographical shifts in ownership. Companies are adapting by concentrating on international expansion and strategic acquisitions.

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