Two Paths for Ukrainian Fintech
Speaking at UNCHAIN Festival: Two Paths for Ukrainian Fintech
Spent yesterday speaking at the UNCHAIN Festival. I can’t even remember when I last spoke in public, so it was a great kickoff for me as an introvert!
It was one of those panels where two speakers could technically come from the same ecosystem and still tell completely different stories. Together with Tetiana Nikolenko from PayForce, and moderated by Sean Murphy, we discussed what it means to build fintech businesses with Ukrainian roots today.
One Ecosystem, Two Perspectives
The panel highlighted two distinct paths for companies originating from Ukraine:
- Operating Inside: Tetiana spoke about the resilience required to operate and grow a fintech business inside Ukraine during the war.
- Scaling Globally: I shared our perspective at Neofin—building a company outside of Ukraine and selling mostly abroad, while still remaining heavily connected to the Ukrainian fintech ecosystem.
Companies with Ukrainian roots are omnipresent across the globe, which helps us open new markets. This is because we are not just about meeting deadlines; we are about truly rolling out exceptional products.
Different Strategies for Similar Products
One interesting observation was that even though PayForce and Neofin Solutions build products that look quite similar on paper, our commercial approaches are completely different:
| Feature | PayForce | Neofin Solutions |
|---|---|---|
| Primary Target Market | Traditional Banks | E-commerce, Telecoms, Retailers, and Businesses with large customer bases |
| Core Philosophy | Enterprise B2B Banking | Enabling non-financial brands to seamlessly launch financial services |
The Evolution of Neofin
I also talked about how our product has evolved over time. At some point, Neofin stopped being “just lending software.” Today, it is a comprehensive engine for:
- Digital Wallets & Payments
- Advanced Lending Infrastructure
- Loyalty Programs & Merchant Experiences
- Full-Scale Digital Banking
Expanding the Map
We shared our experiences scaling across the Balkans and CEE, where we’ve learned that while every market has its own regulatory quirks, people ultimately want the same thing: products that work.
Looking Ahead: We absolutely plan a comeback to the Ukrainian market, though I won’t pretend it’s easy under current realities.
A wonderful surprise after the panel was meeting Tamás Katona. I loved learning more about the Hungarian fintech ecosystem and appreciate the invitation to explore new opportunities in Hungary. Apparently, the map is expanding once again!
Final Thanks
Thanks again to Sean Murphy for masterfully moderating the conversation, and to Tetiana for proving that two Ukrainian fintech companies can pursue completely different strategies and still find plenty of common ground to talk about.
Now, it’s time to head back to my natural habitat: a laptop and a terminal window. 💻