monobank

About monobank

Monobank is a Ukrainian neobank founded in 2017 that provides financial services entirely through a mobile application, eliminating the need for physical branches. The company was established by former PrivatBank top managers Oleg Gorokhovsky, Mikhail Rogalskiy, and Dmytro Dubilet through their IT firm, Fintech Band. Monobank operates as a collaborative project between Fintech Band and Universal Bank, which is part of Sergiy Tigipko's TAS Group and provides the banking license.

The founders, having left PrivatBank after its nationalization in 2016, aimed to create a user-centric banking product to enhance the spending capacity of individuals and support small and medium-sized businesses in Ukraine. The official launch occurred on November 22, 2017, following a beta testing phase. Dmytro Dubilet left the project in 2019 upon his appointment as Minister of the Cabinet of Ministers of Ukraine.

Monobank's business model is centered on its mobile app, which allows the company to reduce overhead costs associated with physical locations. Revenue is generated through transaction fees, interest on loans, and the sale of other financial products like insurance and investments. The app offers a wide array of services including free money transfers, commission-free utility payments, deposit accounts, and loans. Key features include a cashback program allowing users to earn up to 20% back on purchases in selected categories, international transfers, and various card options such as children's cards and premium cards. The platform also supports business accounts through "monobusiness" and features an integrated marketplace called "market by mono".

A notable feature is the "Jar (Banka)" savings service, which gained significant popularity for fundraising, especially for military and humanitarian aid following the 2022 full-scale invasion. Recently, the IT holding company behind Monobank, Fintech-IT Group, achieved a valuation of $1 billion, reaching "unicorn" status after securing an investment from the Ukraine-Moldova American Enterprise Fund (UMAEF). As of early 2025, Monobank serves nearly 10 million customers.