Fintech startup from Ukraine Fairo attracted €2M
Fairo, an international fintech startup that develops financial management and accounting services, has raised €2 million from its existing investor Raiffeisen Bank International.
- The team developed a mobile application and launched it in Ukraine in 2020, and is now expanding its geography to other European countries.
- Fairo is a mobile application for private entrepreneurs that helps manage and control finances. Fairo is the only application on the Ukrainian market that combines banking and non-banking services: opening bank accounts, issuing digital cards, setting up integration with banks, invoicing and crediting funds in foreign or national currency, bookkeeping, tax reports filing and taxes payment.
- Raiffeisen Bank Aval JSC, which is Fairo’s exclusive banking partner in Ukraine, was registered on March 27, 1992, and in October 2005 the bank became part of the Austrian banking group Raiffeisen Bank International AG (RBI).
- This round of investments goes specifically to support the Ukrainian direction. The founders plan to spend the main part of the involved investments on supporting the Ukrainian team and accompanying the clients, while continuing to improve the already existing services.
- Attracting investments within this round was atypical, because it took place during the war. During negotiations with investors, the Fairo team emphasized the market indicators, which have stabilized over the past few months, and the positive dynamics of the IT market in Ukraine.
“Fairo provides round-the-clock services to thousands of Ukrainian entrepreneurs, and we see that most have already adapted to the conditions of the war, moved to safe places and are ready to continue doing business, and they need Ukrainian fintech products. Our current investor Raiffeisen Bank International knows all current market and project figures, has been in constant contact since the beginning of the war, sees the future and has faith in the project. Therefore, he decided to make a significant investment in the Ukrainian fintech industry during the war. Thanks to this support, we kept the entire Ukrainian team,”comments Andrii Gidulyan, Executive Director of Fairo.
- According to the results of a study by the Ukrainian Startup Fund, the Ukrainian IT market did show significant growth in February 2022, despite the start of the war: the single monthly export figure was 31% higher than in January 2022, which proves the remarkable stability of the industry. And the development of the IT sector over the past few months gives every reason to expect approximately $1.96 billion in export revenues by the end of the third quarter of 2022.