NovaPay Innovation Director Oleksiy Ruban gave an interview to Forbes, we selected the main points from it about the earnings model, number of clients, IT team salary, and competition.
NovaPay Innovation Director Oleksiy Ruban gave an interview to Forbes, we selected the main points from it about the earnings model, number of clients, IT team salary, and competition.
NovaPay and Nova Poshta (NP) are different legal entities, separate businesses that are not linked by financial obligations, but are part of a single group of companies. NP does not invest in NovaPay. NovaPay's profits over the years of operation allow it to invest in its own development. NP does not use the NovaPay salary project. We are just trying to sell them this service.
The main income is brought by financial services related to payments. When the buyer or merchant with whom the agreement is concluded pays a commission for the delivery of money. This is our main business, which generates more than 80–90% of total profit. The credit business currently brings in up to 5% of income. A year ago, we launched our own financial mobile application, but we have not yet reached a certain payback point with this product.
Our clients are 100% individuals and sole proprietors who use the service through the application, and legal entities for whom a business office is available. There are already about 580,000 such clients, of which more than 32,000 are business clients, sole proprietors and LLCs. This year we want to attract another 500,000 clients. According to the results of January, we will exceed the plan. In January, the increase was 52,000 clients — both private and business clients.
The NovaPay support office team is about a thousand specialists, the R&D team is 250 people. In 2024, it doubled. These are only the people responsible for the development of the application. There are separate large blocks of customer support. The approach to forming a team is to take experts. For example, 100 people who have worked for a year with the average salary of an expert IT specialist in Ukraine is at least $2000-2500.
Revolut is not coming to Ukraine, it is coming for Ukrainians. That is, Ukrainians can open an account there, but it will not be in hryvnia for now. So far, this arrival cannot be considered competition with the banking sector in Ukraine. Currently, there are more than 100 banks and financial institutions with which we compete. Revolut will be the 101st.
NovaPay began installing its own POS terminals in early 2022. There are now almost 6,000 of them, which is more than 60% of all terminals operating in branches. In 2025, we will install about 2,500 more terminals, but we want to keep another bank as a backup. Then we will enter the open market and sell this service.
There are two key vectors. The first is support NP, any payment - by cash, card or in the NP application. After the start of a full-scale war, NP entered Europe and is currently present in 16 countries, except for Ukraine. The second is the provision of additional services and services not related to logistics.
