OnBuy plans IPO, takes out 1 million euros to encourage employees

Earlier this year, OnBuy completed a 35 million euro financing, and recently announced a new partnership with PayPal. During this period, it also cooperated with big brands, continuously increasing the pace of expansion. It is expected to go public in the next two years.

OnBuy was founded in the UK and is active in many European countries and regions, with plans to expand to more than 140 countries. In January, the company was valued at approximately 200 million euros. In the past 12 months, the platform's turnover has increased by 200%, and sales during the Black Friday weekend increased by 25% year-on-year.

Recently, in order to reward employees for their hard work , OnBuy will grant its employees stock options worth more than 1 million euros. More than 100 employees will have the right to choose to hold shares in the business. Each employee will receive stock options equivalent to approximately 25% of their annual income, which can be exercised during any liquidity event.

In this regard, OnBuy believes that “ e-commerce is a fast-paced 24-hour business, and many companies have recently been in the spotlight for poor work and, in some cases, the mistreatment of their employees. Frankly speaking, this is unacceptable, and at OnBuy, we are committed to creating a fair and transparent working environment for everyone. ”

OnBuy also said it is committed to being a fair partner to retailers, so it won't create its own product lines to compete with sellers. It has a fixed fee structure that is reduced by 85% on Black Friday , allowing sellers to offer bigger promotions without losing profit.

OnBuy has been growing recently, especially in 2020, when it achieved year-on-year growth of more than 600% for the third consecutive year . As the epidemic slowed down and consumers' shopping habits returned to offline, and sales of many e-commerce platforms declined, OnBuy still performed well.

In the coming months, OnBuy plans to expand further internationally and launch a mobile app , so we’ll have to wait and see what happens next .

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