Monobazar's Explosive Launch: monobank's OLX Rival Garners 230k Users, Drives ₴3.5M in Sales on Day One

monobank's OLX Challenger, Monobazar, Surges to 230k Users on Day One

In a swift and impactful debut, monobank's newly launched peer-to-peer marketplace, Monobazar, has captured the attention of over 230,000 users within its first 24 hours. Positioned as a direct competitor to the ubiquitous OLX, Monobazar operates seamlessly within the monobank mobile application, transforming the way users engage with second-hand goods.

Seamless Integration and User-Centric Features

The platform allows any monobank customer to effortlessly establish their own digital storefront, share it across social media networks, and begin selling unwanted items. This integrated approach offers distinct advantages for both buyers and sellers. Sellers benefit from the inherent verification of monobank users, fostering a sense of trust and security. Additionally, they can leverage AI-powered tools to craft detailed product descriptions, a feature that streamlines the listing process. For buyers, the convenience extends to flexible installment payments and a simplified return system, allowing for easy product returns at postal offices if an item doesn't meet expectations.

Impressive Launch Metrics and Savings for Consumers

Monobazar has rapidly amassed a substantial inventory, boasting over 75,000 listings currently available. The platform's initial day of operation saw a remarkable 1,432 items sold, generating a substantial revenue of 3.5 million Ukrainian hryvnias. Furthermore, a standout feature, the automated bidding system, proved immensely popular, enabling buyers to collectively save 165,000 hryvnias on their purchases, as highlighted by monobank co-founder Oleg Horokhovskyi. This innovative approach to pricing not only drives sales but also offers tangible financial benefits to consumers.

Charity and Future Monetization Plans

Beyond its core e-commerce functions, Monobazar is also championing a philanthropic initiative. Users can designate any item as a charitable lot, with all proceeds directed to the "Khartiya" foundation. Monobank has pledged to double the amount raised through these charitable listings, amplifying their impact. Demonstrating the appeal of this feature, Horokhovskyi's own charitable lots, which included a breakfast meeting with him for 50,000 hryvnias, were reportedly sold out within the day.

Currently, Monobazar is operating in a beta phase, free of charge. However, this will change starting January 8th, when a nominal 0.1% commission will be introduced, with plans to gradually increase it to 1.9% in the future. This strategic move aligns with monobank's evolving business model, following previous ventures into marketplace development and shared card functionalities.

The swift adoption of Monobazar signals a strong market demand for integrated, secure, and user-friendly platforms for buying and selling pre-owned goods. Its success underscores the growing trend of super-apps offering a diverse range of services within a single ecosystem.

This launch follows a series of significant developments for monobank, including its previous controversial marketplace launch and the introduction of joint cards for shared finances. The fintech unicorn also recently shared insights into customer activity during "Black Friday" and highlighted popular "Pay in Installments" purchases, further cementing its position as a dynamic player in the Ukrainian financial technology landscape.