Moscow Exchange has taken control of Inguru, a major marketplace for insurance and banking products. As a result of the transaction, Moscow Exchange has got a 70% stake in the company, and could increase it to 100% over a period of five years, reports East-West Digital News (EWDN).

The financial terms of the transaction have not been disclosed, but Moscow Exchange specified that “the purchase price will depend on Inguru’s operational and financial performance.”

With a monthly audience of “over 1mn people,” Inguru helps customers compare and purchase products from 16 insurance companies (AlfaStrakhovanie Group, Ingosstrakh, MAKS, Renaissance Insurance, Rosgosstrakh, Sogaz, Soglasie, VSK and others).

The marketplace covers compulsory automobile insurance (“OSAGO” in Russian) and comprehensive insurance (“KASKO”) as well as mortgages, credit and debit cards, consumer loans, car loans, deposits and microloans. It claims to the market leader in the OSAGO segment.

“[This] acquisition is part of our strategy to enter markets adjacent to our existing business. The service will be integrated into the Finuslugi platform,” said Moscow Exchange CEO Yury Denisov, referring to a personal finance platform launched in October 2020.

“The partnership between Moscow Exchange and the 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,” Moscow Exchange stated.

The Inguru team will continue developing the platform as part of the Finuslugi team.

This article first appeared in East-West Digital News (EWDN), a bne IntelliNews partner publication.