Ukraine-Moldova American Enterprise Fund (UMAEF) announced an investment in the Ukrainian IT holding Fintech-IT Group, the developer of the mono fintech ecosystem, valued at over $1 billion.
UMAEF is a Delaware corporation managed by American business professionals under the supervision of the U.S. Department of State. In addition to direct investment, the Fund leads a consortium of American private investors who invest with it.
As for Fintech-IT Group, it was founded by Oleg Horohovsky and Mykhailo Rogalsky. The holding company includes the companies "Fintech Band", "Kilobyte1024", "Shake-to-Pay", "ACDC Processing" and others. The holding is a software supplier for JSC "Universal Bank" within the framework of the monobank project, which in less than 8 years has become the second largest payment card issuer in Ukraine and is consistently included in the list of the world's leading neobanks according to CNBC.
Fintech-IT Group also develops its own products: the market by mono marketplace, the Expirenza platform for digitalizing payments in restaurants, the Base by mono monetization service for online creators and bloggers, and the Loyalty.ai platform for promoting loyalty programs of banking partners.
UMAEF President Yaroslava Z. Johnson noted that the investment is in line with the fund's strategy and underscores Fintech-IT Group's leadership in the fintech sector in Ukraine. A representative of the fund will join the holding's board of directors.
"We are grateful to UMAEF for their trust and support. We believe that their participation will open up new horizons for us to develop products and technologies that will bring even more benefits to our customers. And most importantly, it is a powerful signal that even during a major war, a leading American investor is ready to invest in the Ukrainian economy." — commented Oleg Horokhovsky and Mykhailo Rogalsky, co-founders of Fintech-IT Group.