Ukrainian EdTech company GoIT no longer operates in Latin America and the Philippines
Educational platform GoIT suspends operations in Latin American and Philippine markets. GoIT CEO Anton Chorny explained the reason.
Educational platform GoIT suspends operations in Latin American and Philippine markets. GoIT CEO Anton Chorny explained the reason.
He announced this on the YouTube project Forbes Next. «We are suspending operations in Latin America. We will return to some markets on that continent, and not to others,» Chorny noted.
In Latin America, GoIT operated in the markets of Mexico and Colombia. The company is also suspending operations in the Philippines market. GoIT students there will graduate, after which the platform will become unavailable.
«This is due to the financial situation in the country — everything has become bad with loans and installments. People have absolutely no money for education», — said the CEO of GoIT.
The closure of the educational platform in the Philippines became known back in the summer of 2024. «When you enter a new country, you need to take into account not only internal factors, but also macroeconomic indicators», — Anton Chorny noted at the time. According to him, in the case of GoIT entering the Philippine market, the country’s financial system and its financial regulation had a very serious impact.
Let us recall that GoIT made its first attempts to work abroad in 2021. Then, within a year, the school was launched in Poland, Colombia, and Mexico. In October 2022, it was launched in Romania, and in February 2023, in the Philippines.
At the end of August 2023, up to 40% of the team worked at international locations. Poland turned a profit, Romania broke even. The Polish segment of the school grew tenfold in 2022, but at that time it still brought in 60–65% less than the Ukrainian one.
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