When people talk about Ukraine these days, fintech probably isn’t the first thing that comes to mind. But behind the headlines, there’s a surprisingly active financial ecosystem that’s managed to keep growing (even in times of war).
Territorially, Ukraine is the biggest country in Europe, and with a population similar to Poland’s and nearly double Romania’s, you’d expect some scale. And you’d be right. The fintech space includes more than 170 players across payments, neobanking, lending, insurtech, crypto, and more. Payments lead the way, but there’s a healthy mix of startups and infrastructure providers popping up across the board.
Sure, the pace of innovation hasn’t always been lightning-fast. Outdated regulations, limited capital, low income levels—all of these have made growth harder. But despite the friction, the sector hasn’t stalled. Quite the opposite. Neobank transactions have exploded in recent years (87x since 2018), and 46% of digital asset revenue now comes from crypto.
Despite the war, banks kept their doors open. Not to mention that Ukraine’s IT ecosystem is one of the strongest in Europe, and that backbone helped keep fintech operations running when it mattered most.
It’s a tough environment, marked by turmoil and distress. But the fintech ecosystem in Ukraine is adapting and quietly proving just how resilient a digital-first economy can be.
The National Bank and Regulation: A Foundation
When it comes to Ukraine’s financial ecosystem, the National Bank of Ukraine (NBU) is a main driver of innovation. Even in times of uncertainty, the NBU has stayed focused on modernizing the system, launching reforms and partnerships that keep the fintech space moving forward.
Back in 2020, the NBU rolled out its Fintech Development Strategythrough 2025—a roadmap to build a full-fledged, modern fintech ecosystem in Ukraine. Now, with the finish line in sight, we’re seeing the results take shape. Open banking is in progress. Digital literacy is actively promoted. Crypto is slowly moving from gray zone to green light.
As part of this strategy, Ukraine adopted the Law on Payment Services in 2021, which came into force in August 2022. Despite not being an EU member, the law was modeled closely on the EU’s PSD2 directive, introducing open banking principles, new categories of payment service providers, and the foundation for secure third-party access to financial data via APIs by 2025.
In the past year alone, the NBU approved a new Open Banking Concept—setting the stage for third-party APIs and more fluid data sharing between banks and fintechs. It also pushed ahead with a digital Register of Non-Resident Accounts built on blockchain (Hyperledger Fabric, to be exact), launched an online credit register info service, and simplified the way documents are exchanged between banks and state registries. Step by step, the friction is being removed.
On top of that, the central bank signed multiple memorandums with international partners—from cybersecurity cooperation with the U.S. Treasury, to financial inclusion and war veteran support with the EBRD, to boosting institutional capacity alongside the Swiss government. It’s not all talk either: the NBU also launched a financial literacy platform called “Okay,” and co-signed an education partnership with Aflatoun International to improve financial awareness among youth.
The National Securities and Stock Market Commission registered Ukraine’s first credit notes and gave the green light for U.S. and German debt securities to be traded locally—small but symbolic steps for the future capital market growth. They also introduced a draft law to help regulate the crypto sector and signed cooperation deals with both the EBRD and the Warsaw Stock Exchange to help rebuild the market after the war.
Add to that partnerships with Mastercard, which has worked with the NBU and government stakeholders for over 25 years to expand access to digital payments—even under crisis conditions—and a fresh collaboration between the IFC and NBU to strengthen SME’s access to finance and you’ve got a picture of a regulatory system that isn’t just reactive. It’s proactive.
The NBU is even exploring the launch of a digital hryvnia (e-hryvnia), a central bank digital currency (CBDC) concept that could further modernize the payment system and support both retail and cross-border use cases. It’s still early days, but it signals how far the regulator is willing to go to stay ahead.
Commercial Banks, Fintechs, and Their Blurring Boundaries
In Ukraine, the banking landscape is a mix of state-owned giants, international players, and a growing wave of digital-first challengers. But despite the variety, state-owned banks still dominate everyday banking for most Ukrainians.
According to OpenDataBot’s 2025 index, PrivatBank,Oschadbank,Ukreximbank, and Ukrgasbank—all state-owned—are at the top, both in customer volume and total assets. The biggest of them all, PrivatBank, holds more than double the assets of its closest competitor, with around ₴466 billion vs ₴186 billion (equivalent of €10.41 billion vs €4.15 billion) for Oschadbank back in 2021—and the gap hasn’t narrowed much since. As of 2024, Ukraine’s top 20 banks reported a 14% income increase, showing that even during wartime, the sector isn’t just surviving—it’s growing.
Still, foreign-owned banks have carved out their niches. UKRSIBBANK, backed by BNP Paribas (60%) and the EBRD (40%), is one of the largest banks with international capital. It’s especially active in Ukraine’s IT sector, partnering with local clusters and supporting tech communities. Other key foreign players include OTP Bank (Hungarian), Credit Agricole (French), and Raiffeisen Bank (Austrian).
Competition isn’t the main story here: cooperation is. Most Ukrainian banks work closely with fintech companies to roll out new features, from salary advance services to insurance-backed lending products. In fact, 71% of the fintech companies say they actively collaborate with banks, and 40% name them as their main business partners.
Not to mention that over the last few years, neobanks like Monobank raised the bar for user experience, pushing traditional players to catch up fast. Banks like Sense Bank, PUMB, and A-Bankredesigned their mobile apps, added remote onboarding, streamlined lending flows, and made mobile-first service the norm.
Digitally speaking, Ukraine goes far above its weight. Opening a bank account takes under 10 minutes, thanks to remote verification and digital ID integration. Ukraine leads the region in contactless and mobile wallet adoption, with 44 banks supporting Apple Pay and Google Pay as early as 2021. In fact, contactless transactions surpassed chip-and-PIN and even became the default for public transit in many cities. A big reason for that is how aggressively banks have embraced tech. PrivatBank’s Tap to Pay, Sense Bank’s salary advance features, and Oschadbank’s veteran-focused products are just a few examples.
When the full-scale war began in 2022, digitization became a lifeline. Despite the chaos, all 69 banks stayed operational, thanks in part to emergency measures like the Power Banking network (2,300+ branches with backup power and connectivity) and cloud backups that moved critical banking data to servers in the EU, US, and Canada. Even during blackouts, card payments kept working—and in some cases, cashless transactions actually increased.
On the fintech side, Ukraine’s ecosystem is growing alongside this evolution. There are now more than 100 fintech companies in the market, many of them focused on retail financial self-service—digital wallets, consumer lending apps, embedded payments, and more. And they’re not just building for Ukraine. Many are also targeting international markets, or working behind the scenes as white-label tech providers.
The crypto-fintech connection is still developing, but Ukraine made headlines back in 2020 when Binance opened an account at IBOX Bank—its first ever partnership of this kind—with the Ministry of Digital Transformation involved in making it happen. The government’s been bullish ever since, predicting that by 2024, half the population could be using virtual assets, and Ukraine could break into the top 10 global crypto adoption rankings.
That being said, not everything runs the way it should. In early 2025, Revolut announced services for Ukrainian residents, including donations to the war effort and special edition cards. But within days, the National Bank of Ukraine issued a statement saying Revolut is not licensed to operate locally and is effectively offering services illegally. It’s a reminder that while the market is open to innovation, there are still rules.
Startups and Investment Landscape: Fortitude in Action
For a country at war, Ukraine’s startup ecosystem is doing more than just holding on. In 2024, it was ranked among the top three fastest-growing ecosystems in Central and Eastern Europe and is now the fourth largest in CEE by ecosystem value, right after Poland, Estonia, and Czechia. This ranking was determined through a combination of key metrics such as growth trajectory, startup valuations, venture funding raised, and ecosystem maturity, with Ukraine’s resilience and adaptability during the ongoing conflict contributing to its rapid development and international recognition.
One of the pillars of this growth is Ukraine’s deep and battle-tested IT sector. Even before the war, Ukrainian tech startups were already playing on a global stage. Post-2022, they’ve become even more agile, building products remotely, relocating when needed, and adapting fast.
However, the part that really sets Ukraine apart is that founders here build lean. According to UAFIC, 68% of fintech startups have already reached break-even or profitability, and 66% are entirely self-funded by their founders. That bootstrapping culture means Ukrainian startups are used to working with constraints, which came in handy when the war made venture capital harder to access.
Crypto also plays a unique role here. Ukraine ranked first globally in crypto adoption in 2021, and when war broke out, over $100 million in donations flowed in through crypto rails, facilitated by local players like Kuna and WhiteBIT. That same ecosystem has since expanded to offer crypto wallets, exchanges, and donation tools, many of which were launched or improved under wartime conditions.
Key Startup Players
A handful of early-stage startups are helping shape Ukraine’s fintech future:
- Fintech Farm – Founded by the creators of Monobank, it’s now exporting neobank models globally while developing new digital banking products at home.
- FinMap – A personal finance tool launched in 2019, helping individuals and SMEs to manage cash flow more effectively.
- Allpass.ai– A compliance startup offering automated identity verification. It received seed funding in 2022 and targets financial institutions.
- Trustee Wallet– A crypto wallet app designed for mobile users, first launched in 2019, and geared toward everyday crypto transactions.
The Investment Scene
On the investment side, the local support is solid. The Ukrainian Startup Fund (USF) was named “Best Seed Fund for Fintech” in 2023, recognized for backing startups during wartime and accelerating innovation when most countries would be in freeze mode. Seed grants, pitch events, and connections to investors have kept many teams afloat and building.
Speaking of investors, Ukraine’s fintech founders have long dealt with one major headache: getting bank accounts abroad. Even now, many report that EU and U.S. banks restrict access or delay onboarding, which complicates things when you’re trying to raise from international VCs or operate globally. But despite these obstacles, the investor pool is slowly widening. According to Vestbee, key funds like SMRK VC, TA Ventures, AVentures, and Horizon Capital continue to back Ukrainian startups, while diaspora-backed and regional VCs are also stepping up.
Government-backed programs have also been crucial in keeping the lights on. In 2022, Google launched a $5M Ukraine Support Fund for startups. Local initiatives like Seeds of Bravery, competitions via USF and UAFIC, and regional partnerships helped fill the gap while traditional VC pulled back.
Looking back, it’s worth noting how far things have come. In 2019, the Ukraine Fintech Ecosystem Mapping Report listed chronic underfunding, weak investor networks, and the absence of support programs as major challenges. Fast forward to today, and most of those gaps have been patched. Public–private support systems, accelerators, and specialized programs are everywhere, and Ukraine is getting better at telling its own startup success story.
Despite blackouts, displacement, and risk-averse capital flows, Ukrainian fintech startups are still launching, raising, and scaling. Not because it’s easy, but because the infrastructure, talent, and support systems are strong enough to make it possible. And that’s exactly what makes Ukraine one of the most interesting ecosystems to watch in the next few years.
Associations and Support: The Network Behind the Growth
Behind every solid fintech ecosystem is a network of institutions that do the less glamorous, but absolutely essential work: connecting startups, running events, pushing for policy change, and keeping the lights on (especially when those lights literally go out). In Ukraine, that role is filled by a mix of industry associations, accelerators, and international programs.
One of the bigger names is the Ukrainian Association of Fintech and Innovation Companies (UAFIC). Since 2018, it’s become the central voice of the fintech community, with over 80 members that range from banks to blockchain startups. It does a bit of everything: advocacy, research, education, and events. They host the UAFin.Tech conference (the biggest fintech event in Eastern Europe) and partner with regulators to shape policy on everything from PSD2 alignment to virtual assets regulation.
During the war, UAFIC pivoted fast. It offered relocation support, tracked the operational status of member companies, and even launched new initiatives to keep Ukrainian fintechs connected with international partners.
On the funding side, the Ukrainian Startup Fund (USF) continues to lead at the seed stage. In addition to grants and pitch competitions, USF launched educational initiatives like the USF Guide and helped local startups plug into global networks. In 2023, it partnered with UAFIC for fintech-specific challenges and was named Best Seed Fund for Fintech for keeping the ecosystem alive during the toughest times.
On the accelerator side, Unit.City continues to be one of Kyiv’s main tech hubs, with fintech startups among its most active residents. Their Ninja acceleration program provides early-stage startups with tailored mentorship, market access, and even legal aid—much needed when operating across wartime borders.
There’s also theStartup Wise Guys, the Estonia-based accelerator that went all-in on Ukraine. Their Growth Ukraine program, launched in 2023, brought selected startups (including fintechs) into an intensive 5-month program to prepare for expansion and fundraising. They called it a signal that “all eyes are on Ukraine”—and judging by the participation from global mentors and VCs, they weren’t wrong.
Meanwhile, some Ukrainian fintechs have made it into top-tier programs abroad. Y Combinatoraccepted startups like Fintech Farm (parent of Neobank)—a clear sign that global VCs see opportunity in Ukraine despite the challenges.
Multinational companies are also doing their part. Mastercard Start Path Ukraine, launched specifically for Ukrainian fintechs, offers product development support and mentorship—part of Mastercard’s broader push to help Ukraine rebuild digitally. Meanwhile, the Catapult Inclusion Ukraine program focuses on fintechs addressing financial inclusion, with grants and training for impact-driven ventures.
If you’re a Ukrainian startup looking for UK connections, there’s also the UK-Ukraine Tech Bridge, an initiative linking Ukrainian founders with UK investors, accelerators, and corporate partners. It’s designed to help startups scale internationally even while headquartered in a conflict zone.
In short, Ukraine’s fintech growth isn’t just the product of clever founders. It’s also the result of an ecosystem that knows how to collaborate, adapt, and keep moving even in hard times.
Conclusion: Relentless, Prevailing, Moving Forward
Before 2022, Ukraine’s financial ecosystem was already in motion. Years of regulatory reform, digital innovation, and rising fintech adoption have set the stage for a modern, competitive market. The war could have derailed that, but instead, it revealed just how resilient this system really is.
Yes, what happened in the last years brought massive disruption. Investment slowed, physical infrastructure was hit, teams were displaced, and risks multiplied. But instead of collapsing, the ecosystem adapted. Startups switched to survival mode, banks activated continuity plans, regulators introduced wartime frameworks, and digital services filled the gaps when traditional ones couldn’t.
Now, more than two years in, what we’re seeing is recovery and reinvention. Today, Ukraine’s financial sector is both battle-hardened and forward-looking.
Neobanks kept growing, fintechs kept building, and institutions like the National Bank and Ministry of Digital Transformation stayed on track with open banking, crypto regulation, and cross-border partnerships. Meanwhile, accelerators, VCs, and global companies didn’t pull back, but instead, they leaned in.
Naturally, challenges remain. Access to international banking for startups is still hard to get. Investment volumes haven’t returned to pre-war levels. And long-term uncertainty makes planning difficult for everyone. But the foundations—tech talent, regulatory openness, a collaborative culture—are still there.
There’s still a long road ahead. Rebuilding trust, capital, and infrastructure takes time. As the geopolitical conflict eventually abates and reconstruction begins, Ukraine’s regulators and financial institutions will likely double down on innovation. Trends even suggest that Ukraine’s financial sector can not only recover but potentially emerge more modernized and competitive than before.
UNCHAIN CEE Fintech Tour – Ukraine, 3rd of April
Next stop: Ukraine. On April 3rd, the UNCHAIN CEE Fintech Tour turns its focus to one of the region’s most resilient markets. Join fintech experts, investors, banks, and policymakers as we unpack Ukraine’s financial transformation.Register now to be part of the conversation. And if you can’t attend, no worries—subscribe to our newsletter for the post-event recap.
