As part of a general European expansion, France’s Oney Bank is opening a German subsidiary in Munich.
The company’s history is rather unusual for a bank, having been formed in 1983 by French department store chain Auchan. Not surprisingly, Oney defines itself as occupying the intersection of banking and retail. Its stated aim is to become European leader in the “buy now, pay later” sector, offering customers the ability to make payments in installments for goods ordered online.
It’s a model currently being tried out by other German companies such as online fashion platform Zalando, venerable catalogue retailer Otto and discount supermarket chain Lidl. Oney says it currently works with some 500 retailers and has 7.7 million end customers Europe-wide.
“Germany is the third-largest e-commerce country in Europe and a very demanding market, whose consumer behavior points the way forward,” said Oney CEO Jean-Pierre Viboud in a press release. “With this expansion, we want to offer to our current partners active in Germany as well as our future ones solutions that are tailored to new forms of shopping.”