Russian online retailer Ozon plans to get a banking license, which will help the company develop its fintech services.

Ozon wants the license to develop fintech services including lending to seller companies. Rusbase reports that Ozon CEO Alexander Shulgin has told the news to Financial Times.

“Small and medium-size businesses find it hard to get financing on convenient conditions. It is either too costly or unavailable,” he said.

According to Shulgin, the information gathered by Ozon allows for fact-based decisions on how large a loan is required for the seller placing their product on Ozon. Shulgin did not specify in the interview how Ozon plans to organize its entry into the banking market.

Previously, Ozon founded its own microfinance company. In order to start providing service, the company has to get on the state register of microfinance organizations, which is supervised by the Central Bank. Ozon has also has the Ozon.Invest service that offers lending opportunities to sellers.

Today Ozon has disclosed it has signed a contract with Sovkombank on the purchase of Oney Bank. According to the company, the cost of the deal will not exceed USD 10 million and the final sum will depend on the value of Oney Bank’s assets at the moment of the closure. Additionally, the Bank of Russia’s approval is required.

Sovkombank bought 100% of Oney Bank’s shares in late 2020.

“This deal will enable Ozon to implement our vision of the product in fintech. Our goal was to acquire an asset we could integrate into our fintech business with purpose and efficiency. Besides, the transparency and reliability of the objective of the purchase were the key criteria for Ozon regarding this deal. Sovkombank is our long-time partner, and we have built a constructive working relationship over the last few years, depeloping B2B and B2C products. This deal will give us additional flexibility in launching financial services for our clients and sellers in the market. It includes faster payment services with lower commission fees,” Ozon’s Vice President for Digital Finance Vahe Ovasapyan said as quoted by TASS.

The partner of Fintech section is