U.S. fund UMAEF invests in monobank developer Fintech-IT Group at $1 bln valuation, plans IPO

The Ukraine-Moldova American Enterprise Fund (UMAEF) announced Monday that it has invested in Ukrainian IT holding Fintech-IT Group – the software developer behind monobank, Ukraine’s largest neobank and the country’s second-largest retail bank by number of customers – and that it plans to take Fintech public on a U.S. stock exchange.

"Propelling the Company to a $1.0bn valuation in this growth equity round, achieving unicorn status and becoming the first FinTech unicorn out of Ukraine. UMAEF joins Fintech-IT Group founders Oleg Gorokhovskyi and Mykhaylo Rogalskyi, as the Company’s first financial investor and only non-founding shareholder," the fund said in a statement.

The statement added that, in addition to its direct investment, the Fund leads a consortium of American private investors investing alongside UMAEF. The size of the investment has not been disclosed.

"With this investment, UMAEF is expanding its existing portfolio of FinTech investments made through u.ventures, investing in a local leader launched and grown by best-in-class Ukrainian founders," said Jaroslawa Z. Johnson, President and Chief Executive Officer of UMAEF, in the release.

Gorokhovskyi wrote on Telegram that the company’s journey to this point took eight years. According to him, Fintech-IT Group has grown into a large IT holding that provides technology solutions for banking, payment processing, e-commerce, restaurants, the financial sector, trade, and services.

UMAEF noted that monobank has been included for two consecutive years among the world’s top 250 FinTech companies and top 35 global neobanks by CNBC. With 9.9 million clients as of September 2025, it consistently maintains the highest NPS rating in the Ukrainian banking sector.

"UMAEF was compelled to invest in Fintech IT-Group based on its strong fundamentals, high growth profile and blending of tech and finance in a sector of high interest to U.S. investors and already partnering with major U.S. companies, including Visa and Mastercard. We believe that UMAEF’s investment will provide comfort for other major U.S. investors to enter the Company - potentially at IPO on a leading U.S. stock exchange – and support the opening of a U.S. office," commented Dennis A. Johnson, Chairman of UMAEF’s Board of Directors (unrelated to Ms. Johnson).

According to the release, With the funds raised as a result of this growth equity round, Fintech-IT Group intends to continue investing into further developing its solutions and expanding the product suite, including financing and business services for SMEs.

Ukraine-Moldova American Enterprise Fund (UMAEF), formerly known as Western NIS Enterprise Fund (WNISEF), was created by the U.S. Congress in 1994. UMAEF is a Delaware corporation governed by experienced American business professionals with initial funding of $150 million provided by the U.S. government. UMAEF’s mission focuses primarily on providing loans and equity to enterprises operating in sectors of interest to U.S. investors in the region.

To date, UMAEF has invested $190 million in 143 companies, employing over 27,000 people in Ukraine and Moldova.