PINbank has resumed operations in Ukraine following its sale to Polish investors
12 June 13:00
PINBank has resumed full operations after the Deposit Guarantee Fund sold 100% of the bank’s shares to the Polish fintech company Zen.com for 175 million hryvnia, and the new owner recapitalized the bank and met the NBU’s requirements. This was reported by the press service of the Deposit Guarantee Fund, according to "Komersant Ukrainian".
“As of today, the Bank has restored its solvency and resumed full operations in the market, as confirmed by the results of an inspection by the regulator—the National Bank of Ukraine. The new owner—the European fintech company UAB ZEN.COM—recapitalized the Bank and ensured compliance with the NBU’s necessary requirements. The Bank is resuming full operations as a stable and well-capitalized participant in the banking market,” the statement reads.
The regulator confirmed the restoration of the bank’s solvency based on the results of the NBU’s inspection, after which the Fund terminated the powers of its administrator.
Temporary restrictions on the bank’s ability to fulfill its obligations, including the payment of deposits and the accrual of interest on deposits, have been lifted. PINBank was declared insolvent in February 2026.
The Fund sold the bank to the Polish company Zen.com in April following an open tender to find an investor. The fintech company operates under a Lithuanian banking license.
On April 1, the Polish fintech company ZEN.com won the tender to remove the bankrupt PINBank from the market. The company acquired 100% of the institution’s shares from the Deposit Guarantee Fund for Individuals (DGF).
For the Polish company ZEN.com, PIN became the first bank in its portfolio. Until now, the company had operated primarily as a payment system, providing services such as account opening, money transfers, and currency exchange. Moreover, just days earlier, its management had denied any plans to enter the banking market or interest in providing lending services.
From the gaming business to fintech
ZEN.com is often calledthe “Polish Revolut.” It was founded by David Rożek in Rzeszów in 2018. Eight years prior, he and his business partner Bartosz Skwarczek founded the gaming marketplace G2A, where users can purchase video games, game codes, and software.
Although the company was founded in 2018, it didn’t begin operations until two years later, in May 2020, when ZEN.com received a payment license in Lithuania. The business generated its first profit two years after that.
The Lithuanian license allowed the startup to conduct operations in the EU, Iceland, Norway, and Liechtenstein. In 2024, the fintech company obtained payment licenses in the UK and Singapore. According to the startup, its services are used by 1.5 million customers and 10,000 companies in 32 countries.
According to preliminary financial reports, the company’s revenue in 2025 was €115 million (the company was profitable, but does not disclose the amount of profit). In 2024, ZEN.com’s profit was €24.7 million.
According to the Bank of Lithuania, the Polish fintech became the country’s largest payment company in the third quarter of 2025, generating about 17% of the market’s total revenue.
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In early 2026, the company signed a partnership agreement with Amazon. Under the agreement, the platform will provide users with instant cashback on purchases made on this marketplace.
ZEN.com focuses on serving e-commerce and developing relevant payment solutions. To date, the company has not developed other financial services, not even lending, as ZEN.com CEO Michał Bogusławski noted in an interview with XYZ. The company also had no plans to obtain a banking license. The Ukrainian bank became the first in its portfolio.
The fintech startup planned to enter Ukraine as part of a broader expansion strategy, while simultaneously exploring opportunities to obtain a license in Hong Kong.
PINbank is one of the smallest Ukrainian banks. According to the NBU, its share accounted for only 0.01% of the assets of solvent Ukrainian banks.
The bank was more than 88.9% owned by Yevgeny Giner, a Russian businessman subject to sanctions and president of the Moscow football club CSKA. The remaining shares belonged to four Ukrainians and one citizen of Uzbekistan.
Giner’s stake was nationalized in February 2023. For a long time, PINbank was a candidate for transformation into “Postal Bank.” The plan was to transfer the institution to “Ukrposhta” so that it could develop its services nationwide based on a banking license. In early 2025, the bank’s shares were transferred to the Ministry of Community and Territorial Development.
At the time of PINbank’s withdrawal from the market, its total assets amounted to 163 million UAH, of which 54 million UAH was “liquid cash,” UAH 81 million in fixed assets (including premises on Halytska Square in Kyiv, 16 ATMs, and 290 self-service terminals), and UAH 20 million in domestic government bonds. In 2025, the bank incurred losses of 63.2 million UAH.
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