The state of FinTechs in Ukraine

FinTech is a booming industry in Ukraine, with more than 100 such companies operating in the country today (58% of which were founded in the last 3 years). Because of the relative youth of the sector in Ukraine, most are now either just starting sales (24%) or working to scale up their business (48%), with relatively few (19%) being mature businesses. Ukrainian FinTechs are dominated mostly by payment services, although there are Ukrainian FinTechs active in mobile wallets, consulting and analytics and providing specialized technological and infrastructure solutions for financial business processes. The newest areas in which Ukrainian FinTechs are becoming active are InsurTech and RegTech. It is noteworthy, however, that interest in blockchain solutions is still somewhat low in the country. Going forward, Ukraine’s FinTech sector is expected to continue growing, especially through offering services abroad.