Concluding the Cooperation Agreement among Allegro Pay sp. z o.o., Allegro sp. z o.o., Aion Bank SA / NV and Vodeno sp. z o.o. regarding the launch of services in the Bank-as-a-Service model
Current report No. 18/2023
Title: Concluding the Cooperation Agreement among Allegro Pay sp. z o.o., Allegro sp. z o.o., Aion Bank SA / NV and Vodeno sp. z o.o. regarding the launch of services in the Bank-as-a-Service model
Legal basis: Article 17 of MAR - inside information
With reference to the current reports No. 43/2022 of 22 December 2022 and No. 7/2023 of 6 April 2023, the Board of Directors of Allegro.eu (the “Company”) hereby informs that on 30 June 2023 Allegro Pay sp. z o.o. (“Allegro Pay”), Allegro sp. z o.o. ("Allegro"), Aion Bank SA / NV, a Belgium credit institution, acting through its Polish branch trading under the name "Aion Bank S.A. Spółka Akcyjna Oddział w Polsce'' (“AION”) and Vodeno sp. z o.o. (“Vodeno”) , a company belonging to the same capital group as AION, entered into the cooperation agreement (the “Cooperation Agreement”).
The Cooperation Agreement was entered pursuant to a term sheet signed on 21 December 2022 of which the Company informed in its current report No. 43/2022. The Cooperation Agreement establishes rules of cooperation within the scope of certain banking products based on the Banking-as-a-Service (“BaaS”) model and introduces changes to the Receivables Purchase Agreement dated 11 October 2021 entered into between Allegro Pay and AION. Under the Cooperation Agreement, AION will provide certain banking services, including payment and saving accounts (the “Banking Accounts”) for customers making purchases on the Allegro platform and will make available its technical platform functionalities via API which will be operated by Vodeno, as AION's subcontractor. Allegro Pay will act as AION’s outsourcing service provider within the scope of: (i) supporting customers in the onboarding process, (ii) providing customer support in relation to the banking services and (iii) providing onboarding process and management of the Banking Accounts through the Allegro platform. Allegro Pay will provide Allegro platform functionalities through Allegro, as Allegro Pay’s subcontractor.
The Cooperation Agreement was concluded for a period of 5 years with the possibility of its extension.
The Cooperation Agreement contains exclusivity and non-compete provisions. Allegro may cooperate with other BaaS service providers, and AION is obliged not to provide Banking Accounts with functionalities agreed under the Cooperation Agreement to entities indicated in the agreement, competitive to Allegro and Allegro Pay.
The Cooperation Agreement also includes standard outsourcing provisions for an agreement of this kind.
The Cooperation Agreement shall be notified to the Belgian banking authority exercising its supervision over AION. The Belgian supervisor may object to the performance of the contract within two months.
Allegro.eu is a Luxembourg public limited liability company (société anonyme), registered office: 1, rue Hildegard von Bingen, L – 1282 Luxembourg, Grand Duchy of Luxembourg, R.C.S. Luxembourg: B214830.