Payments & fintech

Estonian startup to make money transfers cheaper for Ukrainians

A new money-transfer service that helps users sidestep banking fees has opened for business in Ukraine. TransferWise, an Estonian startup, is a web-based solution that allows users to connect their bank card to an online profile and transfer any amount straight to a recipient’s own card account. Recipients in Ukraine can get their hands on the …

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Luhansk native’s Zen Assets makes its way in British financial technology industry

Sergii Sosnov’s 10-year journey started from a local bank in Luhansk (Lugansk) in eastern Ukraine to the Goldman Sachs office in London, and from there to a bootstrapped startup in the hot British financial technology industry. Today he is the CEO and founder of Zen Assets. Opening for business in February, the wealth management firm …

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Ukraine calls PayPal to make service fully available in the country

Following a Facebook campaign and intense lobbying from IT activists, the Ukrainian government is putting public pressure on PayPal to make its payment services fully available to Ukrainian residents. Today PayPal offers a limited set of features in the country: Ukrainians may open a PayPal account and use it to send payments — but not …

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Mastercard contactless payments introduced in Kyiv’s subway

Kyiv (Kiev) became the fifth city in the world on June 19 to let MasterCard holders pay for subway rides with cards that have chips using the so-called PayPass technology. Kyivsky Metropoliten, the city-owned company that manages Kyiv’s subway system, installed 17 turnstiles with MasterCard payment terminals, according to a June 19 company news release. Only London, …

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First fintech cluster launched in Ukraine

Earlier this month the conference Fintech Ukraine 2015 played host to a presentation from the public initiative FinTech Cluster, created within the Ukrainian Venture Hub. The goal of the project is to unite finance startups, banks, and investment funds in the collective development of the Ukrainian fintech market and to lobby for its interests. The creators of …

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International payment service provider PayU quits Ukrainian market

Earlier this month, Ukrainian clients of PayU, an international PSP which belongs to Naspers via the Allegro Group, were informed that the company will stop activities in the country in the near future. While the company explained its decision as “based mainly on an assessment of the current and expected market conditions,” Ukrainian tech publication …

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Russian fund Life.Sreda cancels investment in Ukrainian startup Settle

Life.Sreda, which looked just a few months ago as one of the most successful Russian  funds, is now seeking buyers for the greater part of its portfolio companies, Russian business daily Vedomosti reported last week. The fund also cancelled its investment in Advice Wallet, a Kyiv (Kiev)-based startup which develops mobile payment service Settle. In July last year, Life.Sreda committed itself to …

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Eating on the run? A Ukrainian startup has application to cut out wasted restaurant time

For those so busy that they don’t have time for leisurely lunches during workdays, the Ukrainian startup Settle offers a solution: ordering food ahead of time so it’s ready when you are ready to eat. What started only as idea last summer is now a free application used in 20 restaurants in Kyiv. It reached …

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Polish incubator Next.Step invests $50,000 in Ukrainian startup Treasurer

Odessa-based Kaznachey (Russian for “Treasurer”) has developed a cloud-based processing platform for Internet sites and mobile applications which allows users to purchase goods and services with any legal currency (bank cards, through self-service terminals, or by credit) as well as through sellers to be paid by account or by card. The startup has obtained $50,000 …

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A high-tech black market for stolen credit card details in former Soviet countries is worth $680m

In the former USSR countries, criminal activities with stolen credit cards have created a market of $680 million. This accounts for 27% of the total high-tech crime market, says a report released by Russian cyber security firm Group-IB, covering the period from July 2013 and June 2014. The analysts say that today “Russian-speaking hackers are still …

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Bitcoin embassy opens in Kiev as the cryptocurrency could make Crimeans’ life easier

The first bitcoin embassy in the CIS has opened on Lviv Square in Kyiv (Kiev), reports tech blog AIN.UA The initiator of the project was Kuna, an agency dedicated to the sale of bitcoins. Kyiv is joining three similar bitcoin embassies in the world, located in Montreal, Tel-Aviv, and Warsaw. Within the embassy, there is a …

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