Ukrainian fintech company Fintech-IT Group, the developer of monobank, has received an investment from the Ukraine-Moldova American Enterprise Fund (UMAEF), raising its valuation above $1 billion and making it Ukraine’s first fintech unicorn, the fund’s press service announced on October 6. UMAEF became the company’s first financial investor, joining its co-founders Oleg Gorokhovskyi and Mykhailo Rohalskyi, and led a group of U.S. private investors.
The investment was directed to Fintech-IT Group, which develops digital banking software. Its flagship product, monobank, is Ukraine’s second-largest retail bank, serving 9.9 million clients as of September 2025. In addition to its consumer banking solutions, Fintech-IT Group actively supports small and medium-sized enterprises by providing technology for digital payments and online financial operations.
The funds raised will be used to further enhance the company’s product portfolio and expand its service offerings for SMEs. Founded by Oleg Gorokhovskyi and Mykhailo Rohalskyi, Fintech-IT Group includes several subsidiaries such as Fintech Band, Kilobyte 1024, Shake-to-Pay, and ACDC Processing. The group develops software for Universal Bank JSC, which operates the monobank project. In less than eight years, monobank has become the second-largest bank in Ukraine by the number of payment cards among individuals and entrepreneurs and has been ranked among CNBC’s list of the world’s top 35 neobanks.
Beyond monobank, Fintech-IT Group is expanding its portfolio with innovative products such as market by mono, a marketplace for buyers and sellers; Expirenza, a digital payments and tipping platform for restaurants; Base by mono, a monetization service for online creators; and Loyalty.ai, a technology platform for loyalty programs integrated into banking apps. These solutions reflect the group’s ambition to build a digital ecosystem that connects banking, payment, and commercial technologies.
The Ukraine-Moldova American Enterprise Fund (UMAEF), formerly known as the Western NIS Enterprise Fund (WNISEF), was established by the U.S. Congress in 1994 and has over three decades of experience operating in Ukraine and Moldova. Its mission is to provide loans and investments to businesses in sectors attractive to U.S. investors. Over its history, the fund has invested $190 million across 143 companies, creating more than 27,000 jobs in Ukraine and Moldova. UMAEF is also known for helping establish the investment firm Horizon Capital in 2006.
The fund has received $150 million in financing from the U.S. government, enabling approximately $2.4 billion in capital access for Ukrainian and Moldovan businesses. The investment in Fintech-IT Group marks a major milestone for Ukraine’s fintech industry and underscores the confidence of international investors in the country’s technological potential. With this deal, monobank has officially become Ukraine’s first fintech unicorn, achieving a market valuation exceeding $1 billion.
Source: https://inventure.com.ua
