PKO BP, Poland's largest bank by assets, aims to gain 1mn new customers within three years through a new strategic partnership with e-commerce giant Allegro, the bank announced on November 12.

The collaboration will integrate the bank's systems with Poland's most popular shopping platform, creating new "embedded finance" services designed to shorten payments and simplify access to financing for businesses.

Szymon Midera, President of PKO Bank Polski, pointed out that the cooperation with Allegro is the next stage in the implementation of the bank's strategy.

"‘This is not just integration, but a new way of thinking about banking. We don't wait for customers to come to the bank; we are where our customers are every day. We are consistently building a bank that operates in the background, invisibly, but always to the benefit of our customers,’" said Midera, quoted in the press release.

The bank set ambitious targets for the partnership, which analysts called a cheaper and more effective way to acquire customers than traditional marketing.

"‘Within three years, Allegro Klik is expected to be used by over 2mn users, of which 1mn will become new customers of the bank, and 20,000 entrepreneurs will take out loans under Allegro Kapitał, with total financing of PLN1.5bn (€354.19mn)," the bank said in the release.

Marcin Kuśmierz, CEO of Allegro, said the model brings "symmetrical benefits."

"‘We have created a cooperation model that brings symmetrical benefits: to us, the bank, but above all – to our individual and corporate customers. It is precisely building value for them that we consider our most important common goal,’" Kuśmierz commented.

The new services – "Allegro Klik" and "Loan for larger needs" – are scheduled to launch in 2025.

Allegro Klik, a new payment method, involves linking a PKO BP account to an Allegro account, allowing transactions to be authorised directly on the platform without leaving the application.

The second pillar provides financing for entrepreneurs operating on Allegro.

"Sellers will receive a loan for business development of up to PLN300,000 (€ 70,837.50) at the start of the cooperation between PKO Bank Polski and Allegro, and up to PLN500,000 (€118,062.50) in 2026. The credit decision is made after the bank assesses creditworthiness, even in 3 minutes, and the money is paid out within 24 hours of a positive decision," the bank announced.

Analysts noted that the goal of 1mn new customers in three years is a "very ambitious declaration" and shows PKO BP is actively trying to gain ground in e-commerce.

They added that the bank's strategy of digitalisation and strategic partnerships is a "positive sign" that adapts to the changing expectations of customers who want services "‘here and now.’" The PLN 1.5bn financing target could mean a significant stream of future interest income, analysts said, with potentially well-managed risk due to the bank's access to Allegro's sales data.