The development of financial technologies in Russia is an essential driver for the digitalization of socio-economic processes. The objective of this study is to identify trends in the formation and development of financial technologies (fintech) in Russian practice. Based on the analysis of international research in the field of fintech, a number of hypotheses have been formulated that serve as the basis for determining the patterns of development of fintech in Russia. The duality of the relationship between the level of development of the economy and the fintech sector is determined: the level of development of the economy is able to both restrain and stimulate the development of financial innovations. In order to test the hypotheses, a correlation and regression analysis was carried out, which made it possible to determine the influence of various indicators on the development of financial innovations in Russia. The national federal statistics of the Russian Federation, reports of the Central Bank of Russia, statistical data provided by the Russian Association of Venture Funding, the GfK (Growth from Knowledge) database, and data from the Moscow Exchange were used as the data sources. The Patent Lens database was used as a source of data on the development of fintech in the Russian Federation. Results of the study have demonstrated the following trends in the development of financial technologies in Russian conditions: (1) an increase in the gross domestic product of Russia contributes to the development of fintech, which is indicated by the development of financial technologies depends on the state of the economy; (2) negative dynamics of direct investment affects the development of financial technologies in Russia, which shows the connection between the development of financial technologies and institutional voids in the investment sphere; (3) the spread of the use of mobile devices in Russia contributes to the development of fintech (4) the development of the Moscow Exchange, which is one of the main indicators of the state of the capital market, has a positive impact on the development of financial technologies in Russia. The theoretical significance of the results obtained is in identifying trends in the development of financial technologies in Russian practice. The practical significance is the possibility of using the results obtained in developing a strategy for the development of the financial sector and the financial system in the domestic economy.