Avito Finance

History

2024: Establishing a Company

In October 2024, it became known about the creation of a new legal entity Avito Finance JSC, established by Keh Ekommerts LLC, the head structure of the Avito ad service. The new company will specialize in the development of financial services integrated into the Avito platform.

According to Interfax, according to the Unified State Register of Legal Entities, the main activities of Avito Finance JSC are the creation and processing of databases, software development, the provision of financial services and consulting on financial intermediary issues. Andrey Kritilin, who previously held the post of General Director of Financial Platform JSC, has been appointed the head of the new company.

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Freepik

Avito representatives said that the creation of a separate legal entity for financial services is in line with the company's business model, which involves the native integration of financial services into the platform. At the same time, Avito's plans do not include the creation of its own bank.

According to a source familiar with the company's plans, Avito Finance JSC is highly likely to receive a license from a financial platform operator (OFP). This will make it possible to provide a wide range of financial services without the need to become a banking structure.

Avito has been developing partner financial products since 2017. In 2024, the company launched Avito Wallet, an internal payment tool for paying for goods with Avito Delivery, as well as a loan service in transactions between private users (C2C loans).

Since June 2024, the fintech direction of Avito has been headed by Tatyana Zharkova, who has experience in large financial structures and previously held the post of general director of the FinTech Association.

According to the company, the number of active ads on the Avito platform exceeds 200 million, and the monthly audience is more than 70 million users. Since February 2024, about 1 million Avito Wallets have been opened by users, and during the existence of the C2C loan service, more than 187 thousand purchases have been made.^[1]

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