New partner supports Expander.pl business divergence

On-line financial services intermediary Expander.pl is planning to develop its operations outside the Internet. The portal, which started a year ago and now acts as an intermediary for 40 financial institution, intends to provide the same service using more traditional means. Explaining the decision, Adam Niewinski, president of FinFin, the company that runs the portal, admitted, "The Internet market is growing much slower than anybody expected." The venture will be supported by a new partner, mPunkt, which has bought 20% of FinFin from its owner, Warsaw-based Softbank. mPunkt will bring to the new business the expertise it has built up from managing a nationwide network of 60 Plus GSM product and service retail outlets. The FinFin management estimates that revenue from its non-Internet activities will reach zl.16 million in 2003, by which time the Internet will account for only 25% of the company's income. (Gazeta Wyborcza, p. 34) M.K.