Estonian fintech group launches digital bank in Ukraine based on bankrupt RVS Bank
Estonian Iute Group plans to enter Ukraine through a bank created on the basis of the bankrupt RVS Bank, and build a fully digital service under the IuteBank brand.
Estonian Iute Group plans to enter Ukraine through a bank created on the basis of the bankrupt RVS Bank, and build a fully digital service under the IuteBank brand.
According to LIGA.net, the company expects to receive NBU approval by the end of January to acquire PrJSC «Transitional Bank «Iute Bank», which was created to replace RVS Bank. After the deal, the institution should operate as IuteBank.
Iute explains the logic simply: they are not «remaking» the old bank, but taking the license and selected assets and liabilities, and then launching the IT part from scratch, without outdated processes and the legacy of previous systems. The starting scale is expected to be small: the company is talking about an initial balance of up to 10 million euros.
The Ukrainian IuteBank is to be managed by banker Artur Muravitsky. The plan for the first year, according to him, is to launch the application and key products and gradually attract customers, then scale and expand the line. The group has also set an internal «ceiling» for investments in Ukraine at 15 million euros until the targets are achieved and the war is over, and the bank’s projected net loss in 2026 is estimated at no more than 3 million euros.
RVS Bank has been operating since 2015, its market share, according to the data provided in the publication, was 0,04%. In the first nine months of 2025, the financial institution suffered a loss of more than UAH 200 million, assets decreased from UAH 4.51 billion to UAH 1.51 billion, and equity almost halved.
Previously, dev.ua wrote about how the National Bank of Ukraine imposed fines on «non-bank payment service providers» RozetkaPay and Portmone for violations detected during a scheduled inspection.
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