Moscow Exchange (MOEX), the largest exchange group in Russia, today announced that it has acquired a 70% stake in INGURU, an e-commerce platform provider, that offers insurance and banking products. MOEX is planning to increase its stake in the company to nearly 100% in the next five years.
According to the official announcement, the Moscow Exchange aims to facilitate customers regarding the selection of insurance and banking services through the latest partnership. MOEX did not disclose the financial terms of the transaction but mentioned that the purchase price will depend on INGURU’s operational and financial performance.
INGURU's platform is facilitating customers by giving them options to compare and select different insurance and banking products. Several leading insurance companies in Russia have access to the platform.
Commenting on the latest announcement, 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."
In March 2020, Moscow Exchange acquired a stake in BierbaumPro AG.
Q1 2021 Performance
Last month, MOEX reported its financial results for the first three months of 2021. The exchange saw a jump of 7.2% in operating income. The total Fee and Commission (F&C) income of the Moscow Exchange increased by 17% to RUB 9,252.9 million in the last quarter. The exchange has seen consistent growth in its F&C income since the start of this year. MOEX reported a total net profit of RUB 6,835.3 million in Q1 of 2021.
"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 mentioned in the official press release.
