Monobank

What Monobank does

Monobank is a mobile-first digital bank in Ukraine founded in 2017 by former PrivatBank executives (Misha Rogalskiy, Dmytro Dubilet, and Oleg Gorokhovskyi) and operated under JSC Universal Bank, which holds an NBU banking license dating to 1994. The platform serves approximately 10 million customers through a smartphone app available on iOS and Android, offering consumer products that span multiple card variants (Black, White, Platinum, IRON metal, Child's for ages 6-14, Currency, and co-branded cards including mono x ATB and Diia.Card), credit products (interest-free Split Purchase installments of 3-25 payments with 20-second decisions, "Until Tomorrow" short-term loans, and generic installment credit), savings vehicles (UAH and FX deposits, military bonds), insurance, eSIM provisioning across Kyivstar/Vodafone/lifecell/Airalo, and qualified electronic signatures (monoKEP).

The business banking stack includes FOP (sole proprietor) and legal entity accounts, multi-currency corporate accounts, a zero-commission payroll project, and a full acquiring ecosystem covering QR payments, payment links, mobile POS via Tap to Pay on iOS/Android, physical Verifone X990 POS terminals, internet acquiring (plata by mono) with 50+ pre-built platform integrations, and mini-sites. Vertical packages target beauty/wellness, events, Instagram commerce, e-commerce, subscription businesses, and content creators via Base by mono. The technology layer is REST-API-based with public Open Banking AISP/PISP interfaces per NBU/PSD2 requirements, sandbox testing environments, and adjacent wholly-owned sub-brands including monobazar (P2P marketplace), Expirenza (restaurant QR), and mono terminals (cash deposit/withdrawal).

Monobank monetizes primarily through transaction-based take rates (1.3% domestic acquiring, 2% international, 3% for creator platforms), interest income from credit products, POS terminal rental (500 UAH/month), and business service fees. Distribution is product-led via self-serve app onboarding with photo ID or Diia app verification, supplemented by retail card sales in supermarkets and petrol stations at 50 UAH (refunded on activation) and a comprehensive developer relations program. In October 2025, Fintech-IT Group (the parent) became Ukraine's first fintech unicorn after raising ~$18M from UMAEF at a $1B+ valuation. The company operates exclusively within Ukraine, with no disclosed geographic expansion outside the domestic market.

Name

Monobank

Legal name

JSC Universal Bank (АТ «Універсал Банк»)

Website

https://monobank.ua

Company type

Private

Founded year

2017

Operating status

Operating

Headcount range

51–100 employees

Short description

Monobank is a mobile-first Ukrainian digital bank operating under JSC Universal Bank, serving 10 million consumers and businesses with cards, credit, payment acquiring, and Open Banking APIs via a smartphone app.

Ownership category

akta.pro rank

Product category

Digital Banking

NAICS

Depository Credit Intermediation (5221), Commercial Banking (52211)

SIC

State Commercial Banks (6022)

akta.pro primary industry

Neobank Core Platform (Retail/SME Digital Bank) (FSAGAAAA)

akta.pro secondary industries

Embedded Lending & Credit (POS, Working Capital, Credit Lines) (FSAGALAD), Account Aggregation & Connectivity (Multi-bank linking) (FSAGACAA), A2A Checkout & Merchant Acceptance Solutions (FSAMAFAF)

Keywords

• Digital banking services
• Mobile payments
• Payment acquiring
• Installment lending
• Open banking APIs

Headquarters

HQ city

Kyiv

HQ country

Ukraine

HQ region

Europe

Offices2 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Technology or R&D, Personnel, Infrastructure, Operations, Marketing or Sales

Revenue model

1. Transaction/Interchange Fees: Commission from merchants on card transactions (acquiring fees). Standard rate of 1.3% for domestic transactions, 2% for international transactions
2. Credit Products Interest: Interest income from credit cards, installment plans (Покупка Частинами), and loan products like 'До завтра' (Until Tomorrow) credit
3. Business Account Services: Transaction fees from business clients using FOP (sole proprietor) and legal entity accounts for payments, payroll, and acquiring services
4. Subscription Business Tools: Commission from subscription-based businesses (1.30% transaction fee) and creator platforms (3% transaction fee)

Pricing tiers

Go-to-market motion2 records

Distribution channels6 records

Marketing channels5 records

Core offering

Monobank is a mobile-first digital banking platform operating under JSC Universal Bank in Ukraine, providing consumer banking products (debit/credit cards, deposits, installment credit, insurance, eSIM) and a full suite of business banking and payment acquiring services (FOP and legal entity accounts, QR payments, mobile and physical POS terminals, internet acquiring, payroll) supported by an open banking API and developer integrations.

Product overview

Monobank is a mobile-first digital bank operated by Universal Bank (AT «УНІВЕРСАЛ БАНК»), offering a comprehensive suite of consumer and business banking products centered on its smartphone app. Consumer products include multiple card variants (Black, White, Platinum, IRON metal, Child's, Currency, co-brand mono x АТБ, and Diia.Card), national cashback, and a full range of credit services (Split Purchase/Покупка Частинами, Installment/Розстрочка, Credit «Until Tomorrow», Deposits, and Military Bonds). Business banking (monoбізнес) provides dedicated accounts for sole proprietors (ФОП) and legal entities, a Payroll Project, and a complete acquiring ecosystem covering QR payments, payment links, mobile POS (Tap to Pay on iOS/Android), physical POS terminals (Verifone X990), internet acquiring (plata by mono with 50+ platform integrations), and mini-sites. Vertical-specific solutions target Beauty, Events, Instagram Shops, E-Commerce, Subscription Services, and Creators. The portfolio also includes supporting tools: Base by mono (creator platform), Expirenza (restaurant QR ordering), monobazar (used-items marketplace with AI description generation), monoKЕП (qualified electronic signature), Business Portal, and mono Terminals for cash deposit/withdrawal. Open Banking API provides AISP and PISP interfaces compliant with NBU regulations, and the Split Purchase API enables merchants to integrate interest-free installment payments with 20-second credit decisions.

Differentiator

Problem solved

Functional benefit

Brands

• monobazar: Marketplace for used items with AI-driven product description generation
• Expirenza
• Base by mono
• monoKЭP
• mono terminal
• Terminal by mono
• plata by mono

Products and services

• Black Card (Чорна картка) Primary monobank debit/credit card for individual consumers with free issuance and maintenance, credit limit up to 200,000 UAH, and ages 14+.
• White Card (Біла картка) Alternative primary monobank consumer card with the same fee-free structure as the Black Card.
• Platinum Card (Platinum картки) Premium tier card offering enhanced privileges and benefits above the standard card products for individual consumers.
• IRON Card (IRON картка) Premium metal card with exclusive features and premium privileges for individual consumers.
• Child's Card (Дитяча картка) Debit card for children aged 6-14 with parent-controlled spending limits and spending visibility, available in black and yellow designs.
• Currency Cards (Валютні картки) Multi-currency cards allowing users to hold and transact in foreign currencies.
• mono x ATB Co-Brand Card Co-branded card with ATB retail chain offering cashback and retail promotions.
• Дія.Картка (Diia Card) Card linked to Ukraine's Diia government app, integrating digital state services with banking.
• National Cashback (Національний кешбек) National cashback program for domestic Ukrainian products, supporting local manufacturers.
• Split Purchase (Покупка Частинами) Interest-free installment payment service (3-25 payments) for customers, with the seller paying the commission, featuring 20-second instant credit decisions and a merchant API.
• Installment (Розстрочка) Installment credit allowing purchases anywhere (e.g., AliExpress, Amazon) with flexible repayment terms.
• Credit «Until Tomorrow» (Кредит «До завтра») Quick consumer credit product for immediate needs, approved in minutes with a simple in-app application process.
• Deposit (Депозит) Savings deposits in UAH or foreign currency with competitive rates, with the ability to open a currency deposit from a UAH card.
• Military Bonds (Облігації) Government bonds available in UAH and foreign currencies, tax-free income, with proceeds supporting Ukraine's military.
• International Transfers (Міжнародні перекази) International money transfer service for cross-border payments.
• eSIM eSIM card purchase, addition of numbers, and management directly within the monobank app from Kyivstar, Vodafone, lifecell, and Airalo, with QR scanning for device transfer.
• Auto Insurance (Автострахування) Motor vehicle insurance (including OSATS and Green Card) purchasable within the app in minutes, with discounts and cashback on auto and fuel categories.
• Travel Insurance (Туристичне страхування) Travel insurance product for Visa cardholders and international travel.
• Sole Proprietor Account (ФОП) Business account for Ukrainian sole proprietors (ФОП) with full accounting, payroll, and payment services.
• Legal Entity Account (Рахунок юрособи) Business account for legal entities (TOV/LLC) with comprehensive business banking services.
• Currency Accounts for Business Foreign currency accounts for businesses enabling multi-currency operations.
• Payroll Project (Зарплатний проєкт) Salary disbursement service allowing businesses to pay employee salaries to any bank card with zero commission.
• Acquiring Services (Еквайринг) Full suite of payment acquiring services including QR payments, payment links, mobile POS (Tap to Pay), POS terminals, internet acquiring (plata by mono), and mini-sites for merchants.
• QR Payment (Оплата за QR-кодом) QR code-based payment acceptance solution with tipping support for staff.
• Payment Links (Платіжні посилання) Shareable payment links enabling merchants to receive payments via messenger, SMS, or email without IBANs.
• Mobile POS / Terminal у смартфоні Turns a smartphone into a payment terminal using Tap to Pay on iOS and Android, with ПРРО fiscal receipt integration, free of equipment rental costs.
• POS Terminal (POS-термінал) Physical POS terminal (Verifone X990) with fiscal receipt integration, 1.3% commission per transaction, and 500 UAH/month rental.
• Internet Acquiring / plata by mono (Інтернет-еквайринг) Online payment acceptance for websites and apps with ready-made plugins for 50+ platforms, full API, tokenization, subscription payments, fund reservation, and Apple Pay/Google Pay buttons.
• Mini-Sites (Міні-сайти) Ready-made branded web pages for businesses to list products and collect payments without a full website.
• Business Advance (Аванс для бізнесу) Advance payment on expected acquiring revenue for businesses needing immediate cash flow while awaiting customer payments.
• Beauty Industry Solution (Сфера краси) Vertical-specific package for beauty salons, studios, and gyms with CRM integrations, receipt issuing, and ready-made acquiring integrations.
• Events Solution (Події) Event management solution for tickets, donations, and payments with QR code scanning at entrance.
• Instagram Shops (Інста-магазини) Social commerce solution for selling on Instagram with payment links, mini-sites, and acquiring integration.
• E-Commerce Solution (Онлайн продажі) Full e-commerce solution including internet acquiring, payment links, API integration, tokenization, fund reservation, Apple Pay button, iFrame payments, and split purchase.
• Subscription Services (Сервіси по підписці) Automated recurring payment solution for subscription businesses with 1.3% fee, webhook notifications, and global card acceptance.
• Creators Platform (Base by mono) Platform (Base by mono) for content creators to monetize via subscriptions and donations, with a 3% transaction fee, internet acquiring, and payment links.
• Open Banking API (Відкритий банкінг) Open Banking API implementing NBU-compliant AISP (account information) and PISP (payment initiation) interfaces with 90-day consent, SCA, and PSD2 alignment.
• monoKEP (Qualified Electronic Trust Services) Qualified electronic signature (KEP/UEP) service for individuals, sole proprietors, and legal entities, accessible directly within the monobank app with free key generation.
• Expirenza QR-code solution for restaurants enabling a unified QR code for ordering and payment, with a companion mobile app.
• monobazar Marketplace for buying and selling used items, with transactions managed through monobank and AI-driven product description generation.

Quantifiable outcome

• 10 million customers served
• +3 more outcomes

Named customers2 records

Segments6 records

Ideal customer profiles6 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration62 records

AI capability4 records

Feature7 records

Scale indicators7 records

Recent moves5 records

Expansion highlights6 records

Direct peers

• PrivatBank: PrivatBank is Ukraine's largest bank and the former employer of Monobank's co-founders. It is the primary incumbent competitor in Ukrainian retail and SME banking, with the largest legacy deposit base and an increasingly competitive mobile app, making it the most directly comparable peer.
• Sense Bank: Sense Bank (formerly Alfa-Bank Ukraine) is a major Ukrainian universal bank targeting retail and SME customers with a digital channel strategy. It competes with Monobank in the same Ukrainian market with comparable consumer and business banking products.
• Revolut: Revolut is a global mobile-first digital bank offering multi-currency accounts, card products, P2P payments, and merchant acquiring to tens of millions of customers. Its product-led growth model, gamified UX, and API/developer focus are closely comparable to Monobank's approach.
• N26: N26 is a European mobile-first neobank offering consumer accounts, cards, and business banking through a licensed partner-bank model. Its reliance on a sponsor-bank license, mobile-led UX, and freemium consumer model closely mirror Monobank's structure under JSC Universal Bank.
• Starling Bank: Starling Bank is a UK challenger bank serving consumers and SMBs with a mobile-first current account, business banking, and open banking APIs. Its dual consumer/B2B strategy, API-first approach, and licensed-bank structure make it a close functional analog to Monobank.
• Nubank: Nubank is the leading emerging-market neobank, serving 90M+ customers in Brazil and Latin America with credit cards, accounts, and lending via mobile-first UX. Its scale, single-region focus, and credit-led monetization are highly comparable to Monobank's trajectory.
• Kaspi.kz: Kaspi.kz is a Kazakh super-app combining payments, marketplace, and consumer finance. Its dominance in a single emerging market via a mobile super-app integrating banking, installments, and merchant services is the closest post-Soviet analog to Monobank's strategy.
• Tinkoff Bank: Tinkoff (T-Bank) is a Russian digital-only bank with a mobile-first consumer/SMB offering, strong gamification, and proprietary tech stack. As the original mobile-only bank in the post-Soviet region, it set the playbook Monobank follows.
• Bunq: Bunq is a European licensed neobank offering consumer and business accounts, multi-currency cards, and open banking APIs. Its mobile-led UX, developer-friendly API positioning, and licensed-bank structure parallel Monobank's offering.

Broad incumbents

• Wise (TransferWise): Wise is a global cross-border payments specialist with multi-currency accounts and consumer/business payment APIs. While not a direct retail deposit competitor, its API-first international transfer and multi-currency card products overlap with Monobank's international transfer and currency card services.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/monobankua
• Facebookfacebook.com/monobank.ua
• LinkedInlinkedin.com/company/monobankua

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Subsidiaries5 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Monobank