5 Ukrainian Fintech Startups to watch in 2022
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Discover the next killer Fintech startups coming from Ukraine
Ukraine has always had a tradition of innovation and excellence in engineering and science. This has naturally translated into technology, where it already has globally known products such as Grammarly, which is used by more than 30 million people worldwide, and GitLab, which went public in 2021 and has a valuation of around $4.8 billion. Datarobot employs nearly 2000 people and provides cutting-edge artificial intelligence to banks and other businesses.
Ukraine's IT sector generated approximately $3.2 billion in exports in the first five months of 2022, 27% more than the same period in 2021 and accounting for nearly half of the country's total volume of export services.
One of the Ukrainian government's main goals is to increase the IT sector's share of the country's GDP from 4% to 10% by 2024.
With excellent talent and government’s backing, together it makes for a strong signal of how the IT sector is ripe for investments.
Fast, Fresh, Fintech
Fintech has been one of the strongest technology areas supported by integration into EU and global fintech standards
Ukrainian lawmakers passed the Payment Services Law (LPS), which will improve the regulatory environment for the fintech sector, including payment services.
Furthermore, the Ukrainian Association of Fintech and Innovation Companies (UAFIC) became the European Digital Finance Association's first non-EU member (EDFA). Both organisations are working together to improve Ukraine's fintech landscape.
1. Finmap
Year Founded: 2018
HQ: Kyiv, Ukraine
Size: 11-50
Founders: Ivan Kaunov, Oleksandr Solovei
Finmap is a startup that manages cashflow. It is an excellent option for smaller businesses that do not yet have the budget to hire a financial adviser but require assistance. The tools provided enable businesses and their investors to quickly assess their financial situation. Businesses can also see the fundamentals underlying their financials, allowing them to concentrate on what makes them profitable.
With 37 employees, the company is based in Kyiv, Ukraine. It was founded in 2018 by Ivan Kaunov and Oleksandr Solovei. Since then, four funding rounds have taken place, raising the start-up $1.8M total funding with seven investors.
2. Hacken
Year Founded: 2017
HQ: Kyiv, Ukraine
Size: 51-100
Founders: Andrew Matiukhin, Dmytro Budorin, Yegor Aushev, Yevheniia Broshevan
Hacken, another cutting-edge company, offers cybersecurity services for crypto and blockchain projects including network security, software and penetration testing. Hacken works to keep businesses safe in an age of rising cyber costs and fines, including vulnerability assessment, threat modelling, and cloud security assessment.
Hacken was founded in 2017 by Andrew Matiukhin, Dmytro Budorin, Yegor Aushev, and Yevheniia Broshevan. It now has 87 employees and a headquarters in Kyiv, Ukraine. The Ukrainian start-up raised $2.5 million in two funding rounds in November 2017 and September 2019.
3. YayPay
Founders: Anthony Venus, Eugene Vyborov
Funding: €13.3 million
Founded year: 2015
YayPay is a cutting-edge company that uses Artificial Intelligence to accelerate cash flow and automate accounts receivables. Their workflow and CRM products enable better customer communications as well as faster cash collection with fewer Days Sales Outstanding. This startup's goal is to drastically improve results through data-driven and best practise processes. YayPay's vision is to use artificial intelligence to transform accounts receivable management.
4. Aurora
Year Founded: 2021
HQ: Kyiv, Ukraine
Size: 11-50
Founders: Alex Shevchenko, Arto Bendiken
The next Ukrainian startup is the computer software company Aurora. The startup's slogan is to shoot for the stars." Aurora is an Ethereum Virtual Machine that offers its users a future-proof solution for app development that is Etherium compatible and designed to be scalable. Aurora also has a blog where you can keep up with all the latest news and updates.
Alex Shevchenko and Arto Bendiken founded Aurora in 2021. The company employs between eleven and fifty people and is based in Kyiv, Ukraine. In just one impressive funding round, the Ukrainian start-up Aurora managed to raise $12M total funding. Aurora raised $12 million in total funding in just one impressive funding round. This took place on October 15, 2021, with eight investors and two lead investors.
5. Moneyveo
Year Founded: 2013
HQ: Kyiv, Ukraine
Size: 51-100
Founders: Michael Lyzanets
Moneyveo is a Ukrainian startup that was founded in 2013 and is currently based in Kyiv. Due to the online nature of the platform, the company has developed a fintech platform for providing microfinance loans directly to the user's bank cards at low interest rates.
Since its inception, the company has gone through two funding rounds, with the most recent round taking place in June 2015. The number of investors involved in these funding rounds has not been disclosed, but the company has managed to raise $1.4 million.
We are Excited. Are You?
We at 42flows.tech love to see our colleagues and partners succeeding. In 2022 we are delivering integration projects across Europe and Middle East for banking and crypto exchanges. If your company would like to partner with us in fintech projects contact us at [email protected] or reach out to our Head of Partnerships & Customer Growth, Inna Abolikhina.