Ukrainian startup ITFin has created a unified system for managing finances, processes, and resources for IT companies. The platform automates everything from time tracking and HR to invoicing and management reporting, helping to curb chaos and increase business efficiency. The service is already used by over 4,500 professionals in 17 countries.
Ukrainian startup ITFin has created a unified system for managing finances, processes, and resources for IT companies. The platform automates everything from time tracking and HR to invoicing and management reporting, helping to curb chaos and increase business efficiency. The service is already used by over 4,500 professionals in 17 countries.
In the era of modern AI technologies, the approach to processing all information is also changing. Companies are increasingly trying to automate work processes, and here the Ukrainian startup ITFin can come to the user’s aid. We spoke with the startup’s CEO Vitaly Savchuk to learn more about the platform and its features.
ITFin is a complete ERP platform that covers the entire chain of operations of an IT company: from the moment an engineer records his working hours to the formation of final reporting for management or investors. The system combines key functions that are usually scattered between different tools. There are modules for finance (invoicing, payment reconciliation, payroll and bonuses), project management (accounting for clients, projects, budgets, tracking profitability), time tracking (timesheets, vacation and sick leave), HR and recruiting (onboarding new employees, surveys, performance reviews, salary reviews), document management (digital contracts with clients, contractors, employees), payment management (payment of salaries, commissions, partner bonuses) and management reporting (Cashflow, P&L, Balance dashboards by projects, departments, employees or clients). All data is summarized transparently in one space, taking into account the specifics of the IT business.
Enterprise Resource Planning is software for managing all the main processes of a company in a single system. ERP allows you to automate finances, human resources management, purchasing, production, sales, warehouses, projects, etc.
The main idea is to consolidate all data and operations in one place so that the company works transparently, coherently and without duplication of information. An ERP system helps managers see the real picture of the business in real time, make informed decisions and reduce the amount of manual work.
Due to the high level of automation, ITFin allows you to do away with dozens of disparate Excel files and other tools: operations such as calculating salaries or planning resources are performed in a couple of clicks instead of several days of manual work.
«Excel is a flexible but unstable tool. One „incomplete“ formula and all calculations are wrong. 1 °C is a purely accounting system, difficult to implement and inconvenient for non-financiers. Instead, ITFin provides all data on all processes, people, projects and clients in one place with a minimum of manual work and errors,» explains Vitaliy Savchuk.
ITFin does not have a single usage scenario. The platform covers the needs of several departments and positions at once. Each user logs into the system with their own goals, for example:
Each client company receives its own cloud account with flexible role and access settings. This way, the user sees only those modules and data that meet their tasks.
First of all, ITFin is designed for outsourcing and outstaffing companies, where the main driver of business is man-hours. The platform is also suitable for other service IT companies and digital agencies operating in Western markets. The solution provides the greatest value to teams of ~30 employees and more, when the business «grows» from manual management by one or two managers and requires transparent processes. The core of ITFin’s current audience is companies with a size of 40–150 people.
The solution is designed to be multinational from the start. ITFin supports multi-currency, different contract types, tax rates and local document flow requirements out of the box. This is important for companies that operate in different countries and have offices or contractors in different time zones. The platform is currently used by clients from 17 countries and a total of over 4.5 thousand users, so the product has proven its scalability globally.
A modern SaaS product cannot exist in a vacuum, so ITFin has an extensive system of integrations. The team emphasizes that it does not seek to «drag» all processes to itself, but rather to successfully integrate ITFin into the client’s existing IT ecosystem. Currently, the platform supports over 200 integrations with various external services. In particular, there are already ready-made connectors to banks and payment systems (PrivatBank, Monobank, Wise, Revolut, Payoneer, etc.), task and time trackers (Jira, Clockify, Everhour, Harvest, Tempo), CRM and ATS systems (Pipedrive, djinni) and other tools. The list of integrations is constantly expanding at the request of clients. Work with electronic signatures (including KEP/CEP for Ukraine and analogues in the EU), integration with accounting gateways and counterparty APIs for document workflow automation are also supported.
ITFin is provided under the SaaS model and involves a fee for active users of the system. The cost ranges from 5 to 20 euros per month per user, depending on the size of the company, selected modules and individual conditions. Before connecting a new client, the team conducts a free demo: it studies the needs of the business and shows how they can be covered by ITFin tools. Then the company receives a 14-day test period, during which it works in the system already on its own data.
The subscription includes access to all the main blocks of functionality, a knowledge base and training materials, technical support and regular updates. Clients also receive consultations and best practice implementations, in fact, buying not just software, but solutions for their business processes. Additionally, the team can provide integration services with non-standard systems and audit of internal processes to ensure that the implementation of ITFin brings maximum benefit.
The security of customers' financial and personal data is one of ITFin’s top priorities. The service runs on AWS cloud infrastructure with data centers in Frankfurt and Stockholm. All information is encrypted in databases, backups, secret storage, etc. Internal developers do not have direct access to customers' production data. For companies that require full control, there is an option to deploy the platform on-premise on their own servers. ITFin regularly undergoes security audits and internal checks to meet the highest security standards.
The founder and CTO of the product is Vitaliy Savchuk. He began developing the system back in 2018 for the internal needs of several large outsourcing companies, and later decided to turn the solution into a universal product for the market. The full launch of ITFin as SaaS took place in 2020. In 2021, Oleksandr Kushnir, a financier with over 10 years of experience in various industries, joined the team and took the position of CEO (Olexandr is currently serving in the Armed Forces of Ukraine).
Currently, the team has over 25 specialists: developers, analysts, implementation specialists, support, marketing. Interestingly, the startup has not yet attracted venture capital — development is financed from its own funds and grants, which ensures the flexibility of the strategy and customer-oriented service. Thus, in 2023, ITFin became one of 30 Ukrainian startups that received non-repayable funding from the Google for Startups Ukraine Support Fund. This grant helped accelerate development, enter new markets, and boost sales, although before receiving it, the team had already brought the product to self-sufficiency.
In the era of the AI boom, ITFin is also integrating artificial intelligence into its products, but with a very cautious approach.
«We don’t want ChatGPT to one day „accidentally“ tell the whole world about our clients’ financial performance,» jokes Vitaliy Savchuk, explaining that data security is more important to them than chasing trends.
The company is currently collaborating with Amazon Web Services to implement secure AI solutions that will help automate routine operations (such as report preparation) without risking information privacy.
In terms of business development, the startup is preparing to scale both geographically and in new segments. ITFin is convinced that they have created a quality product for the IT industry and want to make it more accessible to a wider audience. The team is currently developing a subsidiary solution — a conditional «mini-ITFin» called Nomi, which will provide key management accounting functions at a more affordable price. This simplified product is aimed at both small IT teams and businesses from other areas. According to the founders, this is their contribution to the digital transformation of Ukrainian companies and a worthy replacement for Russian software, which is still used in some places on the market.
ITFin was featured among Ukrainian counterparts to Russian software at the Svoe.IT event in 2023, where domestic solutions were presented to replace 1 °C and other products of the aggressor country. In 2025, the platform also joined the Lviv IT Cluster, an association of leading Ukrainian tech companies, which noted its role in increasing the efficiency of IT businesses.
We also previously wrote about Ukrainian insurtech startup FortuneGuard, which, together with the London insurance market Lloyd’s, launched Ukraine’s first war risk insurance program for businesses. The project uses artificial intelligence to assess military and political threats and offers clients an indicative rate for insuring objects in a combat zone in just a few minutes.
