The TKB, GFB, and Fintech F2B Deal Structure: Background, Mechanism, and Prospects

Below is an expanded, reader-friendly overview of a three-party deal involving Transcapitalbank (TKB), a private investor group (GFB), and the F2B fintech project. The goal is to illustrate how this collaboration emerged, how it is structured, and what potential it holds for each participant—and for the broader factoring market. The text is tailored for an American business audience, uses U.S. English, and includes clarifications on key terms and references to globally recognized bodies (e.g., ICC). It also provides broader context for readers in regions such as MENA (Middle East and North Africa), where factoring and supply-chain finance solutions are likewise gaining traction.

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1. Introduction: The Rise of Digital Factor Financing in Russia

Russia’s Banking Sector Goes Digital
In recent years, Russian banks have actively sought growth opportunities in digital finance. Corporate IT investments surged, reaching over RUB 4 trillion (approx. USD 55–60 billion, depending on the exchange rate) in just the first two quarters of 2024—an 80% increase over four years (source in Russian: RBC Industries report on banks’ IT investment). Transcapitalbank (TKB, a top-30 Russian bank by assets) is a universal bank that traditionally excels in leasing and international trade financing (ВЭД), yet recognizes that for long-term growth, it must broaden into new digital niches.

Opportunity After Western Vendors Exited
Following 2022, many Western fintech vendors left the Russian market, leaving gaps in technology solutions for local banks and corporates. At the same time, mass M&A deals and the spinoff of Russian branches from foreign companies complicated the IT industry’s structure. For TKB and others, these disruptions created an opportunity to strike partnerships with homegrown fintechs—especially those building digital factoring and supply-chain finance tools.

TKB’s Response and Strategy
TKB responded to higher risks and constrained global capital access by increasing the cost of equity and evaluating IT ventures more flexibly. To accelerate its digital transformation, the bank decided to collaborate with promising fintech teams. Among those partners is F2B—a young startup focusing on online factoring. TKB’s motivation is clear:

• Gain a foothold in the rapidly expanding online factoring space (financing businesses against accounts receivable).
• Generate new streams of fee-based and interest income with minimal additional credit risk.
• Drive domestic product development—particularly important since April 2022, when the bank came under U.S. sanctions and scaled back certain international operations (source: RBC article on TKB sanctions).

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2. Motivation of the Key Stakeholders

2.1 Transcapitalbank (TKB)

• Diversification and Growth: TKB seeks to diversify beyond its core offerings (leasing, import-export financing) by engaging in digital factoring—an attractive market segment with strong growth prospects.
• Sanctions Constraints: Under U.S. sanctions, TKB aims to increase domestic lending products, with factoring for small and medium-sized businesses (SMBs) being especially relevant.
• Expertise Monetization: By partnering with F2B, TKB can monetize its know-how in supply-chain financing, providing liquidity to the platform and leveraging its banking infrastructure.

2.2 F2B (Fintech Startup)

• Scalability and Market Trust: F2B (“Finance to Business”) was founded in 2019 in Russia’s Far East (Komsomolsk-on-Amur) to build a full-fledged online factoring platform for SMBs. Its main product: rapid, remote financing of suppliers against invoices.
• Resources from a Major Bank: To scale nationwide, F2B needed a reliable source of low-cost capital, access to a large client base, and a banking license. TKB offers all three.
• Risk-Sharing and Regulatory Coverage: Partnering with TKB also reduces credit and compliance burdens. The bank shoulders core regulatory and credit risks while F2B provides the tech platform and operational support.

2.3 GFB (Private Investor Group)

• High Potential Returns: GFB—likely a group of private investors or a fund associated with entrepreneur Dmitry Bondarenko—joined early, expecting strong returns in a rapidly growing fintech sector.
• Factoring Market Boom: By 2023, factoring volume in Russia reached RUB 2.26 trillion (about USD 30+ billion), a 57% year-over-year growth. Total financed deliveries exceeded RUB 7.7 trillion (source in Russian: Kommersant on SMB factoring growth). Even a modest share of this market can yield substantial turnover.
• Synergy with a Bank: Partnering with TKB amplifies F2B’s potential value. GFB can exit profitably once the business achieves scale—possibly by selling a stake to TKB or welcoming new strategic investors.

In short, each party pursues distinct goals: TKB wants an innovative product and diversified revenue streams, F2B aims to transition from a startup into a national fintech player, and GFB seeks an attractive return on investment in a promising fintech vertical.

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3. Deal Phases: Negotiations, Joint Venture Structure, and Participant Roles

3.1 Initiation of Cooperation (2021–2022)

• Early Talks: F2B completed pilot transactions and started scouting for strategic partners. Meanwhile, TKB was already monitoring fintech opportunities. Personal connections or accelerator programs likely brought them together.
• Due Diligence: TKB assessed the online factoring concept, F2B’s platform quality, and team capabilities. F2B evaluated whether TKB could offer financing on acceptable terms, while GFB focused on how a banking partnership would boost F2B’s valuation.

3.2 Deal Roadmap

Participants agreed on a phased approach to reduce mutual risks:

1. Pilot: Launch a limited product rollout to test demand and processes, with a target financing volume of around RUB 30 billion (roughly USD 400 million).
2. Joint Venture (JV) Formation: Establish a more formal entity for large-scale operations once the pilot shows commercial viability.
3. TKB Equity Option: If the pilot succeeds, TKB can increase its stake in F2B under a call-option mechanism.

A letter of intent was signed in early 2023, then legal teams drafted a JV structure that respects TKB’s bank status, GFB’s private investment posture, and F2B’s startup profile.

3.3 Choice of Partnership Format

Various legal models were considered:

• Straight Integration: Bundling F2B’s services into TKB’s offerings.
• Full Acquisition: TKB outright buys F2B.
• New Joint Company: Founding a separate legal entity.

They opted for a combined approach: initially collaborate via a partnership contract (akin to a “joint activity” or “simple partnership” under Russian law), without immediately creating a new entity. TKB provides factoring capital and banking expertise, while F2B supplies the IT platform, operational services, and customer acquisition. GFB oversees KPIs and financial discipline.

3.4 Creation of a JV Company

Simultaneously, the parties prepared to set up a formal joint venture. Two options emerged:

• Use F2B’s Existing Entity (LLC “Dwarf Finance”): TKB enters as a shareholder, raising capital and redistributing ownership.
• Establish a New Entity: Found a fresh JV from scratch.

They likely chose the first path, given F2B’s existing processes, licenses (if any required; factoring itself often does not require a banking license, but memberships in associations can matter), and intangible assets. TKB’s entry as a corporate participant in “Dwarf Finance” (the legal name behind the F2B brand) simplifies the transition and preserves continuity.

3.5 Roles Within the Joint Venture

• F2B (“Dwarf Finance”): Operates the fintech platform, manages client onboarding, performs preliminary due diligence of suppliers, and provides customer support. Essentially, F2B is the “fintech engine.”
• GFB (Investor): Acts as a strategic overseer, ensuring capital adequacy for development, supporting legal processes, and maintaining relationships with potential partners. Dmitry Bondarenko, through an international entity (Serbia-based UnitedBalkanSupplier), holds a significant stake.
• TKB (Bank): The financial backbone. TKB allocates a credit limit (up to RUB 30 billion for the pilot) to finance receivables. TKB formally acts as the factor, extending advances to suppliers and collecting from buyers. It also brings compliance, risk assessment, and a recognized banking license—reinforcing trust among corporate customers.

3.6 Pilot Implementation

In the second half of 2023, the F2B platform and TKB began running pilot factoring transactions, selecting initial anchor clients (e.g., suppliers to a major corporation). Documents and data flow digitally via F2B’s system, integrated with TKB’s via API. Key processes tested include:

• Speed of financing approvals,
• Electronic document exchange,
• Risk scoring,
• Commission and revenue-sharing methods.

For example, a typical factoring fee in Russia might be ~2% of the invoice value for a 30-day deferral, or 20–25% annualized if you consider extended payment terms. Part goes to TKB (for capital) and part to F2B (platform service). During the pilot, the goal is to reach RUB 30 billion in financed volume. If successful, they will move on to a full-scale rollout and finalize TKB’s equity buy-in.

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4. Investment and Legal Scenarios

When structuring the deal, the parties considered various methods to inject capital and allocate ownership. Below are the main options they evaluated:

4.1 Direct Equity Contribution (Cash-In)

TKB could have injected funds directly into F2B’s charter capital. This would give TKB an immediate ownership stake, with capital earmarked for platform growth and reserves. However, it is risky to fix a valuation early for a nascent fintech. Also, Russian banking regulations limit how much a bank can invest in non-banking ventures. Thus, an all-in equity buy at the pilot stage was deemed premature.

4.2 Buying Existing Shares from Current Investors (Cash-Out)

TKB could have acquired shares from GFB or the founders at a negotiated price, allowing early investors to realize some gains. But this might demotivate the startup team if they “cash out” too soon. Both TKB and GFB preferred to wait until the pilot validates F2B’s performance and fair valuation.

4.3 Simple Partnership or Joint Activity Without a New Legal Entity

Under Russian law, a “simple partnership” (akin to a contractual JV) enables revenue- and risk-sharing without creating a new corporate entity. This reduces bureaucracy and allows TKB to test F2B’s technology. However, a partnership alone does not build long-term equity value for the fintech or the investor. Hence, it is viewed as a temporary stage, leading to a formal corporate structure once the concept is proven.

4.4 Debt Financing (Loans, Credit Lines)

Another tool is granting loans to F2B or providing a revolving facility. This is straightforward but burdens the startup with debt and does not grant TKB direct influence in management. Consequently, they chose to finance factoring transactions primarily on TKB’s balance sheet (as the factor) rather than loading F2B with debt.

4.5 Convertible Instruments

In many venture deals, convertible notes or options are used to hedge early-stage valuation uncertainty. Russian law since 2015 recognizes convertible loans and option agreements. This might let TKB lend money with the right to convert to equity if milestones are reached. The final structure likely integrates elements of such an approach: the bank invests operationally at first, with the future right to take a substantial ownership stake after the pilot.

Conclusion: The parties selected a hybrid path. Phase one: short-term collaboration through a partnership model, with TKB providing factoring liquidity, F2B delivering the IT solution, and GFB overseeing. Phase two (post-pilot): TKB enters the capital structure, guided by an option agreement—the bank can buy a larger equity stake if KPIs are achieved.

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5. The Call Option Framework for TKB

An equity call option granted to TKB is central to the deal’s medium-term alignment of incentives. It permits TKB, but does not obligate it, to purchase a more controlling stake in F2B once the project meets key milestones.

5.1 Nature of the Option

• TKB’s Right: Acquire a significant share (potentially 51% or more) in LLC “Dwarf Finance,” from either GFB, the founder, or both.
• Performance Triggers: Tied to explicit performance indicators—e.g., achieving the pilot volume of RUB 30 billion with minimal defaults, hitting EBIT or revenue targets by a set date.
• Time Window: Often 1–2 years post-pilot, giving TKB a “window” to exercise the option if conditions are satisfied.

5.2 Pricing Formula

Rather than locking in a static price, the option typically uses a valuation formula based on F2B’s earnings (EBIT), revenue, or a combination. For instance, they might multiply forward EBIT by 5–7. If F2B’s annual EBIT is RUB 100 million, the enterprise valuation might be ~RUB 500–700 million. TKB would then pay proportionally for whatever stake it acquires. Some deals also incorporate:

• Discounts or Premiums: The bank may receive a discount, reflecting its critical role in making the business viable.
• Minimum Return for GFB: If GFB invested RUB 100 million initially, they may require at least 3–4x returns upon exit.

5.3 Potential Put Option for GFB

GFB might have a put option to sell its stake to TKB under certain conditions. However, banks often resist mandatory buyouts unless carefully structured. Such a put might exist only if the project overperforms certain KPIs, allowing GFB to exit at a high valuation. Alternatively, if results are weak, TKB might decline to exercise its call, leaving GFB to explore other acquirers.

5.4 Corporate Agreements

The option deal is presumably backed by a shareholders’ agreement in LLC “Dwarf Finance,” outlining:

• Veto rights for TKB regarding risk policy, major transactions, and budgets.
• Limitations on transferring shares, preventing GFB from selling to a third party during the option term.
• Mechanisms to retain F2B’s key team (e.g., lock-in clauses, ESOP for employees).

5.5 Alignment of Interests

A well-crafted option aligns all stakeholders:

• TKB: Avoids overpaying for an unproven asset. If the startup thrives, TKB can “lock in” ownership.
• GFB: Gains a clear exit pathway, with the potential for a strong ROI if the business performs.
• F2B Team: Benefits from TKB’s resources during the pilot, and a significant upside if the bank eventually takes a controlling stake.
• Risk Management: The call option is effectively an “earn-out” arrangement. TKB invests operationally first, then acquires equity if actual financial results match expectations.

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6. F2B Project History and “Dwarf Finance” LLC

6.1 Formation of F2B (2019–2020)

• Initial Setup: “Dwarf Finance” (LLC) was founded in November 2019 in Komsomolsk-on-Amur, Russia (Far East region).
• Startup Focus: Develop a fully online factoring platform for small and medium enterprises. The brand “F2B” stands for “Finance to Business.”
• Early Stages: From 2019 to 2020, the team built the IT system, tested legal frameworks, and validated the feasibility of digital factoring in a mostly bank-centric market.

6.2 Early Operations and Investor Entry

• Limited Pilot Funding: In 2021, F2B likely ran a small pilot using personal or borrowed funds, but lacked the scale to finance large volumes of receivables.
• Attracting GFB: Dmitry Bondarenko joined as an early investor. The official LLC records show two individuals (Bondarenko and founder Ilya Lesogor) plus a Serbian entity (UnitedBalkanSupplier) as co-owners.
• Corporate Structure:
• Founder/CEO Lesogor holds a major stake.
• Bondarenko and the Serbian SPV hold around 40–50% combined.
• The nominal charter capital is modest (RUB 10,000), but presumably augmented by shareholder loans or convertible funding.

6.3 Development Amidst Turbulence (2022–2023)

• Economic Context: Russia’s economy faced volatility; key interest rates soared. Yet factoring demand remained solid, especially as many businesses needed working-capital solutions.
• F2B’s Growth: The platform advanced technologically (API connections, e-document workflows). However, official financial statements for 2022 still showed minimal revenue (around RUB 450,000) and a net loss (~RUB 1.5 million), typical of an early-stage startup investing ahead of revenue.
• Collaboration with TKB: By late 2022, negotiations with TKB intensified. F2B had a working product but required a banking partner’s support to scale.

6.4 TKB’s Entry into F2B’s Capital

• Post-Pilot Purchase: After meeting pilot KPIs, TKB is expected to inject capital or acquire an existing stake, formalizing the JV. Ownership might be redistributed so TKB could hold 50%+1 vote, GFB ~30–40%, and the founders the balance.
• Regulatory Approvals: Because TKB is regulated by the Central Bank of Russia, significant investment in a non-banking entity requires compliance checks. Antitrust clearance (FAS) may also be needed, though no major market concentration issues are likely given TKB’s current factoring share.

Outcome: F2B stands to become an official “daughter” company in TKB’s group, retaining the agility of a fintech while leveraging the bank’s network and liquidity.

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7. Financial Model: Valuation, Multipliers, and Profitability

7.1 Factoring Economics

• Revenue Streams: In factoring, income comes from interest/discount fees on advanced payments to suppliers and commissions for each factored invoice. Typical market rates in Russia may reach ~20–25% annualized, plus a one-time ~0.5–1% commission.
• Cost of Funds: TKB’s cost of capital might be ~10% given the Central Bank’s key rate around 7.5–8.5% in 2024–2025 (fluctuations possible). Thus, net interest margins could be in the 10–15% range.
• Example: A pilot target of RUB 30 billion in annual factoring turnover might mean an average outstanding balance of ~RUB 5 billion (if the average term financed is ~60 days). At a 10–15% spread, that’s ~RUB 0.5–0.75 billion in net interest income per year, plus additional fees.

7.2 Distribution of Income

• TKB’s Share: As the factor providing most of the capital, TKB earns the majority of the interest margin.
• F2B’s Share: F2B is paid an agency or tech-service fee—say 10–20% of the total commission. Even a small slice of large volumes can yield robust revenue. Once volumes grow, F2B’s operating profit (EBIT) could scale quickly due to the relatively low marginal cost of onboarding new clients digitally.

7.3 Target Valuation Multipliers

• EBIT/EBITDA Multiples: In Russia, a growth-stage fintech might fetch 5–8× forward EBIT. For example, if F2B can generate RUB 150 million EBIT, a ~RUB 750–1,200 million valuation (~USD 10–16 million) is conceivable.
• Revenue Multiples: Another method is 2–3× annual revenue. But in factoring, EBIT-based valuation is often more relevant once the platform is profitable.

7.4 Potential Investor Returns

• GFB: Could see a 3–4× capital return if TKB exercises its call option at a profitable valuation. If the project grows faster, multiples might be even higher (though that’s optimistic given market volatility).
• TKB: Gains recurring fee and interest income, plus the option to fully integrate a proven digital factoring engine. The synergy can pay off if TKB otherwise would spend significant time and money building a platform internally.

7.5 Risk Factors in Projections

• Default Rates: Factoring is exposed to buyer (debtor) insolvency risk—particularly if done “without recourse.” TKB needs robust underwriting.
• Market Competition: Major players like SberFactoring or VTB Factoring hold large market shares. F2B aims to differentiate by targeting SMB segments and offering a fully online experience.
• Regulatory Changes: Any shift in rules for factoring or interest-rate caps could alter the business model.
• Macroeconomic Instability: Changes in central bank policy or a broader downturn could hamper factoring volumes, though some crises actually accelerate demand for working-capital finance.

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8. Legal and Investment Risks

8.1 Corporate and Transactional Risks

• Option Disputes: Parties must define KPI milestones precisely and ensure an enforceable agreement. If the project overperforms or underperforms drastically, conflict may arise over the exercise price.
• Shared Liability: Under a “simple partnership,” each partner can be liable for the joint activity’s obligations. Structuring factoring deals so that TKB is the direct counterparty helps shield F2B and GFB.
• Regulatory Limits: Russian banking law restricts investments in non-core assets. If TKB acquires a large stake, it may need additional approvals from the Central Bank of Russia.
• Intellectual Property: F2B’s software is its main intangible asset. The JV agreements must ensure the bank has sufficient rights to use or acquire the platform code if relationships dissolve.

8.2 Currency and Cross-Border Aspects

• Foreign Ownership: GFB invests partly through a Serbian entity. While Serbia is not an “unfriendly” jurisdiction to Russia, cross-border distributions or repatriation of profits may involve approvals.
• Exchange-Rate Volatility: If GFB tracks returns in dollars or euros, ruble fluctuations could erode gains unless the deal is pegged to a foreign currency.
• Tax Implications: Capital gains from selling a Russian LLC stake may be taxed in Russia or Serbia, depending on double-tax treaty provisions. Dividends to non-residents may also be subject to withholding taxes (commonly 15%, or 5% under certain treaties).

8.3 Operational and Credit Risks

• Supplier/Borrower Defaults: TKB will manage credit risk, presumably setting strict underwriting guidelines.
• Cybersecurity: As a digital fintech platform, F2B could be a target for cyberattacks. TKB’s compliance requirements likely impose robust security protocols and business continuity measures.
• Team Dependence: F2B is small; losing key personnel—like the founder or CTO—could disrupt operations unless robust retention clauses exist.

8.4 Macroeconomic and Sanctions Factors

• Interest Rate Swings: If the Central Bank drastically raises rates (e.g., above 15–20%), factoring can become prohibitively expensive for SMEs.
• Sanctions: TKB is under U.S. sanctions, limiting international expansions. This might restrict the attractiveness of the JV for foreign capital or cross-border deals.
• Regulatory Changes: Additional rules from Russian authorities or other markets (including MENA) could shift factoring frameworks.

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9. Opportunities for Scaling and Future Outlook

9.1 Moving Beyond the Pilot (30 Billion Rubles)

If the pilot meets or exceeds the RUB 30 billion financing goal, the partnership could rapidly scale:

• Geographical Expansion: TKB has a nationwide footprint. F2B’s digital platform can reach thousands of SME clients—especially those lacking easy access to low-rate financing.
• Potential in MENA: While this case focuses on Russia, a similar model could be applied in MENA markets, which have large segments of underbanked SMEs. Factoring can serve as a Sharia-compliant or near-compliant form of financing (in cases where cost and structure are adapted to local rules). Some Middle Eastern banks already partner with fintechs to expand supply-chain finance solutions, often referencing the ICC’s General Rules for International Factoring.

9.2 Product Line Expansion

After proving standard factoring, the platform can add:

• Dynamic Discounting: Where buyers themselves pay early in exchange for a discount.
• Regress Factoring & SME Lending: Tailoring solutions for higher-risk suppliers who provide additional collateral or guarantees.
• Digital Guarantees and Trade Finance: Online bank guarantees, letters of credit (referencing ICC’s UCP 600 for LCs), or advanced supply-chain finance modules.

9.3 Integrations with ERP and Marketplaces

A critical growth avenue is seamless integration:

• ERP Systems: Connect with popular software (1C, SAP, Oracle) so suppliers can request financing in one click.
• B2B Marketplaces: Embed factoring offers on e-procurement platforms or e-commerce sites to capture real-time invoice financing opportunities.

9.4 Multi-Bank Model

While TKB is currently the sole factor, in the future F2B may invite other banks to finance deals on the platform. This “marketplace” approach can further expand volumes, albeit it might dilute TKB’s exclusivity. Strategically, TKB might prefer some exclusivity initially, then pivot to a multi-lender model once the platform is well-established.

9.5 Long-Term Possibilities

• 5+ Year Horizon: If F2B becomes a top-tier factoring operator (100+ billion rubles annual volume), it could rank among major providers. TKB’s consolidated financial statements could reflect a robust increase in net income and intangible asset value.
• IPO or Strategic Sale: Although the Russian IPO market is limited for fintechs, global or regional expansions might open doors to listing or strategic acquisitions. This path depends heavily on the geopolitical climate and investor appetite.
• Government Support: If authorities continue encouraging SME financing, programs like partial state guarantees or interest subsidies can further boost factoring. Partnerships with agencies (e.g., Russian SME Corporation) or in MENA contexts, local development banks, could accelerate adoption.

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10. Conclusion: A Model for Bank–Fintech Collaboration

The TKB–GFB–F2B alliance exemplifies a balanced approach to bank–fintech partnerships in a volatile environment:

• Multi-Party Motivations:
• TKB wants new digital streams of revenue.
• F2B seeks scale, banking infrastructure, and credibility.
• GFB aims to capitalize on a promising venture and eventually exit with a multiple on investment.
• Structured Risk-Sharing: They employed phased implementation (pilot first), a simple contractual JV for the test phase, and a call option mechanism to handle valuation uncertainty.
• Legal and Financial Innovations: The deal combines elements of convertible financing, equity buy-ins, and advanced factoring methods.
• Scalable Outlook: If the pilot’s targets are met, the project can expand from RUB 30 billion in financed invoices to potentially hundreds of billions, making F2B a significant player in the factoring market. Further down the line, the platform can introduce dynamic discounting, multi-bank participation, and eventually integrate into broader digital ecosystems.

10.1 Lessons for Other Markets, Including MENA

The principles here—phased collaboration, careful valuation triggers, and a robust regulatory approach—are universal for any bank-fintech synergy. In MENA countries, where SME financing gaps remain large, similar partnerships can flourish if they:

• Adapt factoring products to local legal norms and cultural/Islamic finance constraints,
• Use agile technology platforms for e-invoicing,
• Benefit from government or development-bank programs that foster smaller enterprise growth.

10.2 Outlook

If successful, the TKB–F2B project could become a textbook example of how a relatively small fintech (“Dwarf Finance”) can partner with a larger, sanctioned-yet-resourceful bank to create a thriving digital factoring ecosystem. Over a few years, that “finance gnome” may well grow into a “fintech giant,” showcasing how synergy, measured risk-taking, and carefully designed corporate structures can unlock substantial value—even in challenging economic and geopolitical contexts.

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Sources and References

1. Satina T. (TKB) Interview on IT-Business Strategy
   RBC “Assessing Intellectual Property: How Banks View IT Companies” (in Russian) – multiple references to TKB’s approach to IT and intellectual property.
2. Rusprofile Data on LLC “Dwarf Finance” (F2B)

• Company Registration, Founders, Financials (in Russian)
• UnitedBalkanSupplier (Serbia-based entity) details
• Lesogor Ilya Nikolayevich (Founder/CEO) personal info.

1. Kommersant Coverage of the Factoring Market (2023)

• “Factoring for SMBs: How It Works and Why It’s Growing” (in Russian).

1. Factoring in Kazakhstan

• Example tariffs and dynamic discounting solutions from a regional factoring platform, illustrating typical annual rates (20–25%).

1. RBC Report on TKB under Sanctions (2022)

• TKB Seeking License for Asian Operations (in Russian).

1. Information on Dmitry Bondarenko

• LLC “PLSI-Lab” in Moscow (R&D Focus) – an example of his involvement in tech-driven businesses.

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Note: All ruble-to-dollar approximations are illustrative. Official exchange rates vary.