Ozon, a NASDAQ-listed Russian e-commerce major, announced today an agreement with Sovcombank to acquire Oney Bank. This cash transaction is still subject to regulatory approval; its exact amount , which should “not exceed $10 million,” will be determined at closing,
Through this deal, Ozon is acquiring the licenses required to develop its offering of financial services around its marketplace. The e-commerce company thus expects “to boost customer engagement and retention, attract more sellers to the Ozon marketplace, promote monetization across the Ozon platform, and increase the company’s total addressable market.”
In addition, Ozon’s payment services should be made faster, and commissions lower.
The e-commerce company will nevertheless continue cooperation with other banks and fintech companies.
Citi analysts cited by Reuters saw in this acquisition a beneficial move, agreeing that “fintech services could provide incremental revenue opportunities as well as support growth of its e-commerce business.” However, they rated the transaction as neutral/high risk.
Ozon began developing its fintech products in 2018. For example, in late 2018, the online retailer launched a loan platform, allowing financial institutions and even ordinary citizens to grant loans to Ozon’s small and mid-sized suppliers. Another example is the Ozon.Card cashback debit card, which is used today by nearly half a million Russians, according to the company.
Oney Bank LLC is a credit institution providing financial services in Russia. A former subsidiary of Oney Bank SA — founded by Auchan Group in 1983, — the company was acquired by Sovcombank in December 2020.
