The Ukraine-Moldova American Enterprise Fund (UMAEF), previously the Western NIS Enterprise Fund, announced that it is investing in Fintech-IT Group, a developer of digital banking software in Ukraine.

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This investment values the company at $1B, making it the first FinTech unicorn in Ukraine.

UMAEF joins Fintech-IT Group founders Oleg Gorokhovskyi and Mykhaylo Rogalskyi, as the Company’s first financial investor and only non-founding shareholder.

In addition to its direct investment, the Fund leads a consortium of American private investors investing alongside UMAEF.

With this funding, Fintech-IT Group will invest in developing its solutions and expanding its products, including financing and business services for SMEs, to help nearly 10 million Ukrainians who use its products.

“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”, says Jaroslawa Z. Johnson, President and Chief Executive Officer of UMAEF. 

“Fintech-IT Group is a striking example of this strategy, achieving outstanding results in Ukraine’s financial services sector and leading in technological advancement and customer satisfaction. The Company’s success is yet another testament to the strength of the Ukrainian tech ecosystem, depth of its technical talent, know-how and ingenuity,” adds Johnson.

Fintech-IT Group: Integrated software solutions for digital banks

Founded by Oleg Gorokhovskyi and Mykhaylo Rogalsky, Fintech-IT Group develops integrated software solutions for digital banking and serves as the software developer behind monobank, which is the leading neobank in Ukraine and the second-largest retail bank overall.

It is also recognised as one of the most successful neobanks globally.

As of September 2025, monobank has 9.9 million clients and consistently holds the highest Net Promoter Score (NPS) rating in the Ukrainian banking sector, winning multiple awards each year.

Additionally, Fintech-IT Group’s technology enables tens of thousands of small and medium-sized enterprises (SMEs) in Ukraine to accept digital payments, supporting the growth of the SME ecosystem in the country.

Ukraine-Moldova American Enterprise Fund

The Ukraine-Moldova American Enterprise Fund (UMAEF) was created by the U.S. Congress in 1994.

It is a key fund with over 30 years of experience in Ukraine and Moldova.

UMAEF aims to provide loans and investments to businesses in sectors that interest US investors.

So far, it has invested $190M in 143 companies, which employ more than 27,000 people in the region.

Since it started, UMAEF has received $150M in U.S. government funding, which has helped generate approximately $2.4B in total capital for Ukrainian and Moldovan businesses.

“For over 30 years, we have prioritised investments to companies and projects in Ukraine that both generate returns for U.S. stakeholders, as well as promote the purchase of U.S. goods and services”, continues Dennis A. Johnson, Chairman of UMAEF’s Board of Directors.

“By continuing to invest in Ukraine,  despite the full-fledged invasion in February 2022, we are paving the way for U.S. investors to invest in Ukraine’s future reconstruction, recovery and renewal. 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,” adds Dennis A. Johnson.