Marketplace Banks Are Coming for the Majors — and They’re Bringing Discounts

In Russia’s rapidly evolving fintech landscape, marketplace-affiliated banks like those from Ozon and Wildberries are no longer just payment gateways — they’re shaping up to be full-fledged contenders in the financial sector

With surging user bases and integrated perks, these newcomers are starting to chip away at the dominance of traditional banks.

Speaking ahead of the 2025 St. Petersburg International Economic Forum, Dmitry Pyanov, First Deputy Chairman of VTB Bank, told RIA Novosti that marketplace banks could soon rival legacy players — not necessarily in product depth, but in raw user engagement. “Multibanking is on the rise,” he said, noting that customers are increasingly using marketplace banks alongside traditional institutions, drawn in by exclusive discounts and loyalty-driven offers.

While the financial toolkits of these upstart banks still lag behind the product breadth of Russia’s major players, their transactional gravity is shifting the balance. According to Pyanov, the Central Bank is already monitoring active user bases as a key metric when considering whether to classify financial institutions as systemically important — a threshold Ozon and Wildberries could cross as soon as 2026 or 2027.

In the battle for wallets and clicks, marketplace banks may not yet be winning on services — but they’re redefining the rules of competition.