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Acquisition of a leading e-commerce platform

Bank of Georgia Group acquires one of the leading e-commerce platforms in Georgia. 

Bank of Georgia Group PLC («the «Group» or «Bank of Georgia Group») announces the acquisition of one of the leading Georgian e-commerce platforms, extra.ge (the «Platform»). The Platform facilitates consumer-to-consumer (C2C) and business-to-consumer (B2C) sales through its website and social media channels. extra.ge currently has c.350,000 returning visitors per month. Around 80,000 registered buyers and sellers and c.100,000 products and services are currently listed on the Platform. Importantly, extra.ge is visible and well represented on search engines.

The acquisition is in line with Bank of Georgia Group’s strategy to be at the top of digital offering in the local market. This will provide our existing and potential clients unique opportunities to get even more benefits from their relationship with Bank of Georgia. With the Group’s support, extra.ge will transform into an even more vibrant and dynamic full-scale digital marketplace with a much richer variety of goods and services, and a more enjoyable shopping experience. extra.ge will enable customers to conclude their online shopping experience with the best possible price-to-value purchase. Customers will also be able to access their Bank of Georgia banking products in a fully integrated way: extra.ge will be integrated with Bank of Georgia’s current flexible single sign-on and payment system and will offer the Bank’s pre-approved instant installment loans to enable its customers to purchase selected products.

 Archil Gachechiladze, the Group CEO commented: «I am very pleased that we continue to successfully expand our footprint in digital platforms that create a great value for our clients. extra.ge will become our new digital offering built around the simplicity and convenience of a value-enhancing single umbrella model, which enables the stakeholders to make the best deals with each other, and rely on superior financial services offered by Bank of Georgia. Bank of Georgia’s retail and micro, small and medium-sized enterprise clients will enjoy the excellent opportunities of a new consumer experience and doing business in a dynamic and flexible digital marketplace.»

(c) Banknews

 

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