Russian e-commerce company Ozon has signed a sale and purchase agreement to acquire financial services provider Oney Bank.

As agreed, the retail platform will acquire 100% of the charter capital of Oney Bank from Sovcombank in all-cash transaction.

The deal value is expected to be around $10m.

The completion of the transaction is subject to regulatory approval and other customary conditions.

Benefits of the deal:

The deal is expected to help Ozon in expanding its financial services operations.

Ozon will get access to the necessary set of licences to support its growth fintech vertical as well as expand its product portfolio.

The e-commerce company also expects that the expansion of financial services will lead to an increase in addressable market.

It will also help in increasing engagement of its buyers and attract more sellers to Ozon marketplace.

Quote:

Ozon Financial Services vice-president Vahe Ovasapyan said: “The acquisition of a bank enables Ozon to implement our product vision in fintech. Our goal was to acquire an asset which we can integrate into our fintech business expediently and efficiently.

“Furthermore, transparency and reliability of the acquisition target were key criteria for Ozon in concluding this transaction. Sovcombank is our longtime partner and we have had a constructive business relationship for a number of years developing B2B and B2C products.

“This deal will give us an additional flexibility in launching financial services for our customers and marketplace sellers. This includes faster payment services with lower commissions. I am excited about the near-term development and the long-term outlook for the fintech business at Ozon.”