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Allegro.eu S.A.Allegro e-commerce to review strategic options for future of Allegro Cash service
Listed e-commerce platform Allegro and its payments operator Allegro Pay have decided to review strategic options for the future of the Allegro Cash service, Allegro announced in a market filing.
The company reported the termination of 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 services in the Banking-as-a-Service model with a 6-month notice period which expires on July 31, 2025.
"The main scope of the cooperation agreement was to establish the rules of cooperation regarding certain banking products based on the Banking-as-a-Service model, used as the basis for Allegro Cash," Allegro explained.
"However, following the results of Allegro Cash service, Allegro Pay and Allegro decided to review strategic options for the future of Allegro Cash service and terminate the existing cooperation agreement," it added.
It has been reported that the Allegro Cash service will be operated during the notice period.
"The service will be supported during the termination period. Allegro and Allegro Pay will decide by the termination date if the Allegro Cash service will be continued in a revised form," the company said in the market filing.
Allegro stressed that the termination of the cooperation agreement is not related to, nor it does affect the receivables purchase agreement of October 11, 2021, which regulates cooperation on the disposal of receivables.
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