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IDBank and Idram consolidated within ID Group Armenian Holding

News 02.11.2023

Considering the successful strategic cooperation of the two companies and the convergence of development visions, Idram and IDBank consolidated within ID Group Armenian holding, which currently controls 100% of the shares of Idram and IDBank.

Founded in 2023, ID Group is owned by citizens of the Republic of Armenia Lala Bakhshetsyan and Vartan Dilanyan.

According to Vartan Dilanyan, shareholder of IDBank, this decision is primarily due to the successful strategic cooperation of the two companies and provides an opportunity to progressively develop digital banking in Armenia. The companies provide a single platform for instant payment solutions and banking services, in which clients of both companies receive a full package of remote financial services, saving their time and receiving high-quality service. “Within the ID Group, we will continue to implement the Bank’s strategic goals, focusing even more on the FinTech direction,” said Vartan Dilanyan.

Lala Bakhshetsyan, as a pioneer of e-money investments and development in Armenia, believes that the integration of companies' capital, expertise and IT resources in ID Group will enable not only to continue successfully develop the digital ecosystem, but also to export successful fintech solutions developed and implemented in Armenia to other countries in the near future. "The synergy of two companies and their abilities in ID Group will allow to invest more resources in the development of the mentioned directions and contribute to the development of innovative solutions in the financial sector of our country," said Lala Bakhshetsyan.

ID Group reports that it aims to continuously invest in promising complementary companies and projects.

Vartan Dilanyan initially acquired 59.7% stake in ID Bank's shares back in 2016, and by 2022, he became the sole owner of ID Bank, with a vision to advance digital banking in Armenia. Concurrently, Vartan Dilanyan has been actively involved in shaping and implementation of IT and digitalization strategies with a global outlook focused on regions such as the Middle East, Kazakhstan and Armenia, being the main shareholder of Axellect Holding. The establishment of ID Group has provided Vartan Dilanyan with an opportunity to allocate a portion of its resources toward the growth of Axellect Holding's international business. This, in turn, enables the infusion of best international insights and expertise into the Armenian FinTech market.

Lala Bakhshetsyan with her husband, Ruben Kurghinyan, started to develop the electronic money (digital wallet) sector in Armenia when they acquired the leading Armenian e-money company Idram in 2017, believing in the development prospects of the Armenian fintech sector and having enough experience to develop the new strategic direction. In 2020, after Kurghinyan's death, Lala Bakhshetsyan continued the development of the family business․

Thanks to the investments of the Kurgհinyan-Bakhshetsyan family, Idram has become a leading fintech platform, registering a rapid growth in terms of customer base, scope of financial services, technological infrastructure and revenues.



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