Ukrainian startups can raise external funding during “hard war”, says country’s newest unicorn

Ukrainian fintech company Fintech-IT Group recently achieved unicorn status after securing approximately $18 million in funding from the Ukraine-Moldova American Enterprise Fund (UMAEF). This achievement is significant, particularly given the ongoing war with Russia. The funding underscores the resilience of the Ukrainian tech sector and signals to other Ukrainian businesses that securing investment is possible even during conflict. Fintech-IT Group, the parent company of the tech behind Monobank, Ukraine's largest challenger bank, joins a small group of Ukrainian unicorns. Monobank, founded in 2017, has approximately 10 million customers, and serves as a major retail bank in Ukraine. The recent investment round was a surprise, as attracting external investment into Ukrainian startups during the war is extremely challenging. This investment has broader implications for Ukraine's startup ecosystem. Oleg Gorokhovskyi, co-founder of Fintech-IT Group, views it as a positive sign for Ukrainian businesses and the country. It demonstrates that companies providing valuable services can attract investors even amid geopolitical uncertainty. The war has significantly impacted Monobank, but despite these challenges, the company has shown a remarkable ability to adapt and continue operations. While international expansion is on hold, Monobank is still looking to expand in markets like Poland, Romania, and the Baltic countries. This funding round and unicorn status provide a boost for Ukraine’s tech industry. It also highlights the need for international support mechanisms and innovation programs to sustain the sector.