Kyiv, Ukraine — Ukraine-Moldova American Enterprise Fund (UMAEF, the Fund)
announced an investment in the IT Holding “Fintech-IT Group” — developer of mono
ecosystem — at a valuation exceeding $1bn. UMAEF is a Delaware corporation governed
by experienced American business professionals and overseen by the U.S. Department of
State. In addition to its direct investment, the Fund leads a consortium of American private
investors investing alongside UMAEF.
Fintech-IT Group was founded by Oleg Gorokhovskyi and Mykhailo Rogalskyi. It includes
Fintech Band, Kbyte1024, Shake-to-Pay, AC DC Processing, and several other companies.
The Holding provides software solutions for Universal Bank within the monobank project. In
less than eight years, the bank has become the second largest in Ukraine by number of
payment cards held by individuals and entrepreneurs. monobank consistently ranks among
CNBC’s list of the world’s top 35 neobanks.
In addition, Fintech-IT Group develops and grows its own products, including:
market by mono — a marketplace that connects sellers and buyers;
Expirenza — a restaurant digitalization platform for bill payment, tipping and digital
menus;
Base by mono — a monetization service for online creators and bloggers;
Loyalty.ai — a platform that allows merchants to promote their loyalty programs in
banking applications.
“With this investment, UMAEF is expanding its existing portfolio of FinTech investments
made through u.ventures, investing in a local leader launched and grown by best-in-class
Ukrainian founders”, said Yaroslava Z. Johnson, President and Chief Executive Officer
of UMAEF. “Fintech-IT Group is a striking example of this strategy, achieving outstanding
results in Ukraine’s financial services sector, and leading in technological advancement and
customer satisfaction. The Company’s success is yet another testament to the strength of
the Ukrainian tech ecosystem, depth of its technical talent, know-how and ingenuity”. Ms.
Johnson ended by stating, “UMAEF has a long-standing history of investing into innovative
FinTech companies with world-class ambition, as well as traditional banks, providing us with
the capabilities to support Fintech-IT Group’s founders as they lead the Company through its
next stage of high growth”. A UMAEF representative will join the board of directors of
Fintech-IT Group.
Oleg Gorokhovskyi and Mykhailo Rogalskyi, co-founders of Fintech-IT Group,
commented:
“We are grateful to UMAEF for their trust and support. We believe this partnership opens
new horizons for product and technology development that will bring even greater benefits to
our customers. Most importantly, even during a full-scale war, a leading U.S. investor is
ready to invest in Ukraine’s economy — and that is a powerful signal”.
