This week it became known that Alfa-Bank bought Flocktory, a marketing automation platform, from Qiwi. The deal amount is not disclosed, but let's estimate.

What is Flocktory?
🔵SaaS platform for lead generation. You've probably seen their products - it's that page on a fiscal receipt with a "Claim a gift" button and a huge number of prizes inside.

Each of us has opened it at least once and didn't know what to choose among hundreds of credit offers. When I conducted customer development interviews for Vitrina, many called these prizes junk. But those who work with such mechanics know: the conversion rate is quite acceptable.

Flocktory is the undoubted leader of this market; there are a few smaller players. For 2025: revenue 4.8 billion rubles, net profit 1.2 billion (25%). Growth is stable year over year...

A bit of history: Qiwi bought Flocktory in 2017 for 833 million rubles - with revenue of 235 million. The multiplier was about x3.5 (from 2 to 5). I'm greatly simplifying calculations and taking revenue as a basis, of course - the actual valuation could have been different in either direction.

When Qiwi's banking license was revoked in 2024, assets began to disperse, and Flocktory ended up in a series of deals between beneficiaries. Most likely, the decision to sell was made then.


How much could it have cost?
If we assume a similar valuation approach, the deal could have been from 9 to 25 billion rubles, most likely closer to the lower estimate. Good numbers for a company with stable growth.

At Vitrina, we also want a piece of this market - but with a different distribution and reward model. Flocktory entered through fiscal aggregators. We stay inside messengers, where there is a different level of engagement. People open a receipt out of inertia, but a messenger by choice)

The market is big, there is room for everyone. Meanwhile, my team and I are looking at Flocktory and thinking about our own ruble unicorn 🦄