Moscow Exchange has announced the acquisition of INGURU, an e-commerce platform provider that offers insurance and banking products.
May 11, 2021, | AtoZ Markets – Moscow Exchange (MOEX) on Tuesday announced the acquisition of a 70% stake in INGURU, an e-commerce platform provider that offers insurance and banking products. As the largest Russian bourse both in terms of turnover and the extensive client base, MOEX may increase ownership to as much as 100% over a period of five years.
As per the announcement, the partnership between Moscow Exchange and INGURU platform within the personal finance platform Finuslugi will expand opportunities for customers and enable them to select the most favourable insurance and banking services.
At the moment, the financial terms of the transaction have not been revealed. However, the purchase price will depend on INGURU’s operational and financial performance.
Today, the INGURU platform offers customers options to compare and purchase a range of services ("OSAGO" compulsory automobile insurance, "KASKO" comprehensive insurance, mortgages, credit cards, consumer loans, car loans, deposits, debit cards and microloans). The platform is the market leader in OSAGO insurance with a monthly audience of over 1 million people.
Sixteen insurance companies (Rosgosstrakh, AlfaStrakhovanie Group, Renaissance Insurance, SOGAZ, VSK, Ingosstrakh, Soglasie, MAKS and others) have access to the platform.
Commenting on the acquisition, Yury Denisov, Chief Executive Officer of Moscow Exchange, said:
"INGURU is one of the leaders in Russia in financial marketplaces for individuals. The acquisition of the platform is part of our strategy to enter markets adjacent to our existing business. The service will be integrated into the Finuslugi platform and will expand the range of products offered to clients. INGURU has a great deal of expertise and will continue to develop the platform as part of the Finuslugi team."
"We are confident that our cooperation with Moscow Exchange will be as effective as possible, allowing us to take the platform's services to a new level," Rustam Khasanshin, founder of INGURU, said.
Moscow Exchange rolled out the personal finance platform Finuslugi.ru on October 15, 2020. Users can open deposits and purchase OSAGO automobile insurance online with any bank, all without visiting a branch. The product offering will continue to expand.
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