HASH(0x3fd2cd0)

Cembra and IKEA agree on partnership

19 October 2020

Cembra and IKEA agree on partnership

Zurich – Cembra Money Bank and IKEA Switzerland have signed a cooperation agreement to launch credit cards and other financing products.

Cembra and IKEA Switzerland will offer IKEA Family members a new credit card with no annual fee. It will combine a range of benefits, including worldwide card use, contactless payment, mobile payment and online shopping. IKEA Family members can also benefit from attractive offers and discounts, and they collect IKEA loyalty points every time they use the card, which they can then redeem at IKEA. Made from 99% recycled plastic materials, the IKEA credit card is eco-friendly, which is a first in the Swiss credit card market. The credit card is expected to be launched on the market in the first quarter of 2021.

The new partnership enables Cembra to further expand its position in the credit card business. Cembra will also further modernise and digitalise its range of cards and processing procedures over the next 18 months. Next to the credit card, plans are underway to offer additional products and services from the Cembra Group, all from one single source. In the future, when shopping online, IKEA customers will be able to choose whether to pay by using their new IKEA credit card or by invoice. As part of the cooperation, Swissbilling, a subsidiary of Cembra, will offer its solution for invoice purchasing that can be implemented for online sales and in the shops.

Robert Oudmaver, CEO of Cembra, explains, “As a specialist in consumer financing, we have a lot of experience with partnerships in the credit card business. IKEA is a leading global brand in the retail sector, and we are really looking forward to developing an innovative solution for IKEA in Switzerland, combining all the different areas of expertise Cembra offers.”

“We want to offer our customers an attractive customer card as well as a variety of payment options they can use depending on their needs. Cembra is a partner who can offer us an integrated retail solution,” says Jessica Anderen, CEO IKEA Switzerland.

About IKEA Switzerland

In 1973, IKEA opened its first furniture store outside Scandinavia in Spreitenbach (Zurich). Today, IKEA Switzerland operates nine stores at different locations. IKEA Switzerland employs around 3,000 people and generates annual sales of around CHF 1.1 billion.

About the Ingka Group

The Ingka Group (Ingka Holding B.V. and the subsidiaries it controls) is one of twelve groups of companies that operate under franchise agreements with IKEA Systems B.V., owning and operating IKEA stores. The Ingka Group has three divisions: IKEA Retail, Ingka Investments and Ingka Centres. With 380 IKEA stores in 30 countries, the Ingka Group is a strategic partner in the IKEA franchise system. These IKEA stores recorded 706 million visits in the fiscal year 2020.

Contacts
Media:	Karin Broger; +41 79 773 68 89; media@cembra.ch
Investor Relations:	Marcus Händel; +41 44 439 85 72; investor.relations@cembra.ch

About Cembra Money Bank

Cembra is a leading Swiss provider of financing solutions and services. Our product range includes consumer finance products such as personal loans and auto leases and loans, credit cards and the insurance sold with these products, SME loans, as well as invoice financing and deposit and savings products.

We have our headquarters in Zurich-Altstetten and operate across Switzerland through our network of branches, online distribution, as well as credit card partners, independent intermediaries and car dealers.

We have over 1 million customers in Switzerland and employ more than 1,000 people from 40 countries. In September 2019, we successfully completed our takeover of consumer credit provider cashgate. We have been listed as an independent Swiss Bank on the SIX Swiss Exchange since 2013.