Online marketplace Kogan has expanded further into the services industry, announcing it has partnered with Citi to offer Kogan-branded credit cards.
The Kogan Money Black card will feature no annual fees, as well as an uncapped rewards program – with spend on Kogan brands earning customers extra points for redemption for use on Kogan’s marketplace, Kogan Mobile or Kogan Internet purchases.
“Kogan delivers what Australians need at some of the most affordable prices and rates available in the market, and Kogan Money is extending this concept to a range of in demand financial products and services,” Kogan director of strategy Ross Metherell said in a statement to investors.
“Digital efficiency continues to be Kogan.com’s key driver in being able to deliver a rich uncapped rewards program, while also charging no annual fee, and simultaneously providing a bonus launch of $300 Kogan.com credit to cardholders.”
Citi head of cards and loans Choong Yu Lum said it was “fantastic to partner with an innovative company like Kogan.”
Expanding into the services category
Kogan has not been shy about its expansion a more service-focused landscape, utilising its marketplace offering alongside Kogan Internet, Kogan Mobile, Kogan Insurance, Kogan Travel, Kogan Money, Kogan Cars and Kogan Energy.
Kogan announced in August it would be bringing Kogan Mobile to New Zealand “this calendar year”.
While many of these offers are white-label partnerships – where a service provided by one company is rebranded to appear as Kogans – these agreements significantly expand the verticals the business can operate within, further growing its reach and influence on the market.
Kogan chairman Greg Ridder said in the business’ FY2019 annual report that the group sees “enormous opportunity” in both its existing business, as well as further expanding its portfolio.
“Our aim has always been to deliver incredible value to our customers. We continue to expand our portfolio of brands and services with best-in-market offers,” Ridder said.
“We have announced agreements with industry leading partners for new verticals set to launch during the first half of FY20… these new partnerships will strengthen and complement our existing portfolio of businesses.”
Ruslan Kogan, founder and chief executive of Kogan Group, noted that the business is continuously evolving to respond to its customer demands.
“These new verticals continue to deliver on our win-win-win mantra,” Kogan said.
“They are a win for our customers through competitive market-leading offers. They are a win for our partners by providing an effective and efficient customer acquisition channel. And they are a win for our business, enabling us to scale our offering and leverage our brand to provide incredible offers.”