Investment breakthrough: monobank developer raises more than $1 billion from a US fund
6 October 11:35
The Ukrainian IT holding Fintech-IT Group, the developer of the mono ecosystem, is attracting an investment from the Ukraine-Moldova American EnterpriseFund (UMAEF) estimated at more than $1 billion.
This was announced by the co-founder of Fintech-IT Group, Oleg Gorokhovsky, "Komersant Ukrainian" reports.
According to him, today the Fintech-IT Group IT holding provides IT solutions for banks, processing, e-commerce, restaurants, the financial sector, trade, services, and more.
UMAEF is a Delaware corporation managed by experienced American business professionals and operates under the supervision of the U.S. Department of State. In addition to its direct investment, the fund also leads a consortium of U.S. private investors investing alongside UMAEF.
“With this investment, UMAEF is expanding its existing portfolio of fintech projects through u.ventures by investing in a leading company founded and built by world-class Ukrainian entrepreneurs,” said Jaroslawa Z. Johnson, President and CEO of UMAEF.
She added that UMAEF has a long track record of investing in both cutting-edge fintech companies with global ambitions and traditional banks. This makes it possible to thoroughly support the founders of Fintech-IT Group at the next stage of the company’s dynamic development.
It is reported that a representative of UMAEF will join the board of directors of the IT holding.
“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 Ukraine’s economy,” emphasized Gorokhovsky.
About Fintech-IT Group
Fintech-IT Group is a technology company that develops integrated software solutions for digital banking and e-commerce and is the software developer of monobank, the #1 neobank in Ukraine, which currently serves 9.97 million customers
About UMAEF
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 is a leading regional fund with more than three decades of successful experience in Ukraine and Moldova (the “Region”). UMAEF’s mission is focused primarily on providing loans and equity investments to businesses operating in sectors of interest to U.S. investors in the Region. UMAEF has invested $190 million in 143 companies employing more than 27,000 people in Ukraine and Moldova and is known for its role in sponsoring and launching Horizon Capital in 2006. Since its inception, UMAEF has received $150 million in funding from the U.S. government, and has unlocked approximately $2.4 billion in capital for Ukrainian and Moldovan companies.
