Russian bank Sberbank is to invest approximately $500 million to take a 50% stake in ecommerce venture Yandex.Market, the ecommerce platform that is operated by Yandex, Russia’s biggest search engine. Valuing the platform at $1 billion, the companies will own equal stakes in the joint venture which will combine the digital payments and fulfilment capabilities of Sberbank with the online savvy and dynamics of Yandex.
“Sberbank’s banking and payments infrastructure will help us develop simple and secure payment solutions on the Yandex.Market platform and will allow us to introduce new features, such as consumer lending,” says Maxim Grishakov, CEO of Yandex.Market.
“The proposed investment will strengthen Yandex.Market’s position in the eCommerce segment allowing us improve our logistics capabilities, accelerate the wide-scale introduction of “Checkout on Yandex.Market” and enhance our value proposition to domestic and international merchants.”
Yandex is one of the world’s leading technology companies that builds intelligent products and services that are powered by machine learning. Since 1997 they have offered world-leading search and information services as well as developing a number of leading mobile applications, navigation products and on-demand services. Yandex has 17 offices worldwide.
Yandex.Market is one of its latest innovations and is the place that brings buyers and sellers together. Yandex.Market gives users the opportunity not only to search for products, but also to choose locations where they can conveniently make purchases. Users also benefit from:
- Detailed and useful product descriptions
- Model and price comparisons
- Various filters
- Recommendations and reviews
Sberbank is both the largest and oldest Russian bank and is made up of 14 territorial banks and over 16,000 branches located throughout Russia and in all constituent territories of the Russian Federation. Accounting for one third of its banking system, it was once well known for ts traditional savings offices but is now at the forefront of banking technology and in its pursuit of a more convenient, modern and processable service, Sberbank is continually improving the opportunities of customers to control their accounts remotely. The Bank has established a system of remote service channels which comprises:
- Online banking
- Smartphone app banking
- SMS banking
- One of the largest networks of ATMs and self-service terminals in the world (over 90 thousand terminals)