The Ukraine-Moldova American Enterprise Fund has made an investment in the IT holding Fintech-IT Group, which developed the mono product ecosystem, with a valuation of over $1 billion.
The Ukraine-Moldova American Enterprise Fund has made an investment in the IT holding Fintech-IT Group, which developed the mono product ecosystem, with a valuation of over $1 billion.
This was announced by Oleg Horokhovsky, who co-founded Fintech-IT Group together with Mikhail Rogalsky. The group includes the companies Fintech Band, Kilobyte1024, Shake-to-Pay, ACDC Processing and others. The holding is also developing software for UniversalBank as part of the monobank project.
«With this investment, UMAEF expands its existing portfolio of fintech projects implemented through u.vеntures by investing in a leading company founded and built by world-class Ukrainian entrepreneurs,» said Yaroslava Z. Johnson, President and CEO of 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 regional fund with experience in Ukraine and Moldova. UMAEF has invested $190 million in 143 companies, which collectively employ over 27,000 people in Ukraine and Moldova.
It is noted that the UMAEF representative will join the board of directors of the IT holding Fintech-IT Group.
«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 Horohovsky and Mykhailo Rogalsky.
Fintech-IT Group creates and develops its own products, including:
«We have been working towards this for 8 years. I am proud that despite the war and the state of Ukraine’s economy, this happened,» noted Oleg Horokhovsky.
According to him, now the «small startup Fintech Band» has turned into a «large IT holding Fintech-IT Group», which provides IT solutions for banks, processing, e-commerce, restaurants, the financial sector, trade and the service sector.
