Monobank developer attracted $1 billion investments

Ukrainian IT holding Fintech-IT Group, which develops software for monobank, officially became the first fintech “unicorn” in Ukraine. The company attracted investments from the UMAEF fund valued at over $1 billion.

UMAEF became the first external investor of Fintech-IT Group and brought a group of American private investors to the transaction. A representative of the fund will join the holding’s board of directors.

The holding was founded by Oleg Horohovsky and Mykhailo Rogalsky. It includes the companies “Fintech Band”, “Kilobyte1024”, “Shake-to-Pay”, “ACDC Processing” and others. The main business is the supply of software for JSC “Universalbank” within the framework of the monobank project, which in less than 8 years has become the second largest payment card issuer in Ukraine (9.97 million customers).

The funds raised will be used to develop new products for businesses – SME financing platforms, expand digital banking services and prepare for an IPO in the US.

The co-founders noted that the transaction was a “strong signal”: even during the war, leading American investors are ready to invest in the Ukrainian economy.

In addition to developing for monobank, Fintech-IT Group is working on the Expirenza projects (digitalization of payments and tips for restaurants), Base by mono (monetization service for online creators) and the market by mono marketplace.

The UMAEF (Ukraine-Moldova American Enterprise Fund) was established by the US Congress in 1994. During its operation, it has invested $190 million in 143 companies, providing over 27,000 jobs in Ukraine and Moldova. The fund also participated in the launch of Horizon Capital in 2006 and received $150 million in funding from the US government, providing access to $2.4 billion in capital for regional companies.