Ukraine's FinTech sector needs $40-75 mln in investment - expert

Ukraine's FinTech sector needs $40-75 mln in investment - expert

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Ukrinform
The need for investment in the Ukrainian financial technology sector is estimated at $40-75 million.

Team Lead for Digital Finance at the USAID-funded Financial Sector Transformation Project Rostyslav Diuk said this during the presentation of a study "The First Catalog of the Ukrainian FinTech Market: A Way to Financial Inclusion" on February 22, an Ukrinform correspondent reports.

"Forty percent of FinTech companies that took part in the study were founded before 2015, while 60% appeared over the past three years. About 80% of FinTech companies have already started offering products and services. The need for investment in the Ukrainian FinTech sector is estimated by market players at 40-75 million [dollars]," Diuk said.

At the same time, he said that the areas of specialization of Ukrainian FinTech companies were payments and money transfers (31.6% of all companies), investment in technology and infrastructure (19.3%), lending (14%), marketing (7%), the insurtech sector (5.6%), digital banking (5.3%), financial management (5.3%), mobile wallets (5.3%), blockchain (3.4%) and cryptocurrencies (1.75%). 

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