Today, the software developer for the monobank project (IT holding Fintech-IT Group) attracted an investment from the Ukraine-Moldova American Enterprise Fund.
Today, the software developer for the monobank project (IT holding Fintech-IT Group) attracted an investment from the Ukraine-Moldova American Enterprise Fund.
The amount of the investment was not disclosed. However, the press release states that the company’s valuation, based on the results of the deal, is over $1 billion.
We present the main details of the deal that we managed to find out.
1. The IT company Fintech Band (in fact, the basis of the current holding company Fintech-IT Group) was created in 2017 by former managers of Privatbank Oleg Horohovsky, Dmytro Dubilet, and Mykhailo Rogalsky. Later, Dmytro Dubilet «split off» from his partners and created his own project Fintech Farm.
2. monobank is not the same as Fintech-IT Group. This IT company is engaged in the development of such IT components as processing, CRM system, Internet banking, etc. And the banking license on the basis of which mono operates belongs to Serhiy Tigipko’s «Universal Bank».
3. The investor is the Ukraine-Moldova American Enterprise Fund (UMAEF) — formerly known as the Western NIS Enterprise Fund (WNISEF). It was established by the US Congress in 1994. It is a regional fund with experience in Ukraine and Moldova.
4. It is obvious that the developer of the monobank software has been preparing for the deal since the beginning of the year. It underwent restructuring, as a result of which some of the owners «changed their registration». Thus, in the spring, the Cypriot Crestline Limited received permission from the AMCU to acquire control over Fintech Band LLC.
5. The Fintech-IT Group includes Fintech Band, Kilobyte1024, Shake-to-Pay, ACDC Processing and several other companies. According to Opendatabot, the total revenue of the four companies in 2024 amounted to UAH 6.116 billion. And the total profit was UAH 2.630 billion.
It is indicated that these companies employ a total of 121 people (this is also data for 2024).
6. In the same Opendatabot, you can see that the average annual salary of «Fintech Band» before taxes is 1.876 million UAH. That is, 156,000 UAH per month.
7. A dev.ua source close to the Fintech Band project says that the fund could buy a small stake in the project — 2-5%. Based on this, the investment could amount to $20-50 million.
8. Fintech Band has two pending trademark applications — Pay by mono and Shake to pay. They were filed in 2021 and 2019, respectively, but for some reason their consideration is still ongoing.
9. «Kilobyte1024» has had a TM application pending since last year, which is an image of a cat.
And there is also a dog .
Do you remember the Secret Boxes project from mono, where you could buy a box with a secret food inside from restaurants? Well, the application for this brand (Secret Boxes) was submitted by Shake-to-pay LLC.
10. The main IT project of Fintech-IT Group remains monobank. Developers spend most of their efforts on it.
