A startup founded by Ukrainians has launched a neobank in India
16 April 2025 10:56
Dmitry Dubilet’s London-based startup Fintech Farm, which creates neobanks, has started beta testing its new product Roarbank in India. This was reported by DEV with reference to a statement from Fintech Farm, "Komersant Ukrainian" reports.
According to Fintech Farm, Roarbank has collected more than 100,000 registrations in a few days. The startup’s partner in India is Unity Small Finance Bank.
“We have now started to attract our first customers in closed beta testing. There are still some small bugs, but overall, everything looks great. The first customer feedback is very positive!” the startup claims.
Fintech Farm notes that they were amazed when they collected more than 100,000 registrations because they had not yet started advertising Roarbank “properly.”
What services does the new bank provide?
Currently, Roarbank customers are offered an interest-free loan of up to 62 days, cashback of up to 20%, and a feature similar to Shake to Pay in monobank that allows you to shake your smartphone to find nearby devices to quickly send money.
The company said that after the launch of the MVP product, it plans to introduce more services for customers.
Where Fintech Farm is already present
London-based startup Fintech Farm was founded by three Ukrainians: monobank co-founder Dmytro Dubilet, former KPMG M&A head Mykola Bezkrovnyi, and Oleksandr Vityaz, founder of Corezoid. The company is opening neobanks around the world.
In 2021, Fintech Farm came to Azerbaijan with Leobank, a neobank that has 1.1 million customers and reached the break-even point and became profitable at the end of 2022. In Vietnam, Fintech Farm, together with the local Orient Commercial Bank, is developing Liobank, which has 200,000 customers. Last fall, Fintech Farm launched Simbank, a neobank in Kyrgyzstan. And now India has become another market for the startup.
Fintech Farm is interested in several other countries. For example, the company has already held talks with a potential partner in Morocco, and Fintech Farm also considered entering the Armenian market, which is being looked at by its investor-partner Bank of Georgia.
As it is known, fintech startup Revolut, which opened registration for all Ukrainians on February 11, 2025, announced in early April that it had temporarily suspended the opening of accounts for Ukrainian residents.
“We have temporarily suspended the connection of new customers in Ukraine,” Revolut said. They also said that all Ukrainians who apply for a Revolut account are put on a waiting list.
Revolut explained that this is a “precautionary measure due to regulatory and operational requirements, not a permanent suspension.”
The company assured that this suspension will not affect existing accounts, and “current customers can continue to use their accounts as usual.”
As a reminder, on February 27, the National Bank of Ukraine announced that Revolut was operating in Ukraine in violation of the law and should obtain a banking license to operate in Ukraine. At the same time, the NBU drew the attention of Ukrainian citizens to the fact that the provisions of the legislation on the protection of the rights of consumers of financial services and the deposit guarantee system do not apply to Revolut customers.
