# monobank (Ukraine)

> Source: https://docs.barcoder.ai/docs/wallets/monobank
> research date 2026-05-29 · extracted at 2026-10-03
> Publisher: Barcoder — encyclopedia of QR, barcode and payment-code standards

Specifications:
- [monobank — official](https://monobank.ua/)

## Overview

**monobank** is **Ukraine's largest commercial digital bank** + Ukraine's first mobile-only bank <sup>[1][1], [2][2], [Ukraine report](https://docs.barcoder.ai/docs/payments/UA)</sup>. **January 1, 2025 baseline**: **9.77 million active cards** per **NBU (National Bank of Ukraine)** — second-place among Ukrainian banks by active cards for 2nd consecutive year. **2025 latest**: **10.3+ million Ukrainians chose monobank**.

**Distinctive monobank positioning** <sup>[3][3]</sup>:
- **Fintech-IT Group $1B+ valuation** — Ukrainian fintech-IT-Group monobank developer.
- **Mobile-only banking** — Ukraine's first mobile-only bank.
- **Operates via Universal Bank partner banking license** (Universal Bank holds full NBU banking license).
- **Total deposits**: **108 billion hryvnias (~$2.5 billion USD)** — third place among Ukrainian banks by attracted deposits.
- **Top-35 global neobank per CNBC** — distinctive Ukrainian fintech international recognition.

## History

**November 2017 — monobank launches** <sup>[2][2]</sup> as Ukraine's first mobile-only bank by **Fintech-IT Group** (operating via Universal Bank partner banking license).

**Co-founders**: **Oleg Gorokhovskyy + Mykhailo Rogalsky + Dmytro Dubilet** — former PrivatBank executives.

**2018-2024 — Mass Ukrainian adoption** <sup>[1][1]</sup>: Multi-million-user growth despite war-related challenges from Feb 2022 Russian invasion.

**September 2023 — monobank reached 2nd place among Ukrainian banks by active cards** + maintained position 2024-2025.

**January 1, 2025 — 9.77M active cards (NBU)** + **2025**: 10.3M+ Ukrainians <sup>[1][1]</sup>.

**November 2025 — Fintech-IT Group $1B+ valuation** disclosure <sup>[3][3]</sup>.

## Ownership & operator

**Operating entity**: **Universal Bank** (Ukrainian banking license partner; holds NBU banking license).

**Co-founders / Fintech-IT Group monobank developer**: **Oleg Gorokhovskyy (CEO) + Mykhailo Rogalsky + Dmytro Dubilet** — former PrivatBank executives.

**Fintech-IT Group valuation**: $1B+ (November 2025 disclosure).

**Regulators**: **NBU (National Bank of Ukraine)** (via Universal Bank partner banking license).

## Technical integration

| Layer | Description |
|---|---|
| **Channels** | monobank mobile app (iOS + Android) + monobank cards |
| **Identifiers** | Phone + email + Ukrainian ID + card number |
| **License** | Bank (via Universal Bank partner banking license; NBU regulated) |
| **Sub-products** | monobank Account + monobank Cards (Visa + Mastercard) + monobank Credit + monobank Savings + monobank Investments + monobank Insurance + monobank for Business |
| **Distinctive UA positioning** | Ukraine's first + largest mobile-only digital bank |
| **Top-35 global neobank per CNBC** |

## Users & growth

**January 1, 2025 + 2025 trajectory** <sup>[1][1]</sup>:
- **Active cards (Jan 1, 2025; NBU data)**: 9.77 million
- **Ukrainians using monobank (2025 latest)**: 10.3+ million
- **Total deposits**: 108 billion hryvnias (~$2.5 billion USD)
- **Rank by active cards**: 2nd among Ukrainian banks (2 consecutive years; since Sep 2023)
- **Rank by attracted deposits**: 3rd among Ukrainian banks
- **Fintech-IT Group monobank developer**: $1B+ valuation (Nov 2025 disclosure)
- **Top-35 global neobank per CNBC**

## Use cases

Ukrainian retail mobile-only digital banking; monobank Account + monobank Cards (Visa + Mastercard) + monobank Credit + monobank Savings + monobank Investments + monobank Insurance + monobank for Business; Ukrainian wartime banking continuity (since Feb 2022 Russian invasion).

## Implementations & partners

**Operator**: **Universal Bank** (Ukrainian banking license partner) — operating monobank.

**Fintech-IT Group monobank developer**: **Oleg Gorokhovskyy (CEO) + Mykhailo Rogalsky + Dmytro Dubilet** — former PrivatBank executives.

**Major Ukrainian banking competitors**:
- **[PrivatBank + Privat24 (Ukraine)](https://docs.barcoder.ai/docs/wallets/privatbank)** (Ukraine's largest bank; 19M+ active customers; state-owned post-2016 nationalization)
- **Oschadbank** (Ukrainian state savings bank)
- **Ukrgasbank** + **PUMB (First Ukrainian International Bank)** + **Raiffeisen Bank Ukraine** + **Credit Agricole Ukraine** (Ukrainian commercial banks)
- **Sense Bank** (formerly Alfa-Bank Ukraine; renamed post-2022 sanctions)

**Regulator**: **NBU (National Bank of Ukraine)**.

## Fun facts

- **Ukraine's largest commercial digital bank + Ukraine's first mobile-only bank** (Nov 2017).
- **Jan 1, 2025 — 9.77M active cards (NBU)** + **2025: 10.3M+ Ukrainians**.
- **Total deposits 108 billion hryvnias (~$2.5B USD)**.
- **2nd among Ukrainian banks by active cards** (2 consecutive years; since Sep 2023).
- **3rd among Ukrainian banks by attracted deposits**.
- **Co-founders Oleg Gorokhovskyy + Mykhailo Rogalsky + Dmytro Dubilet** — former PrivatBank executives.
- **Fintech-IT Group monobank developer**: $1B+ valuation (Nov 2025 disclosure).
- **Top-35 global neobank per CNBC**.
- **Operates via Universal Bank partner banking license** — distinctive Ukrainian banking-as-a-service model.
- **Ukrainian wartime banking continuity** (since Feb 2022 Russian invasion).

## Comparison

| Feature | monobank | [PrivatBank + Privat24 (Ukraine)](https://docs.barcoder.ai/docs/wallets/privatbank) (Ukraine's largest bank rival) | Sense Bank (formerly Alfa-Bank Ukraine; renamed post-2022) | Raiffeisen Bank Ukraine | [Revolut](https://docs.barcoder.ai/docs/wallets/revolut) (UK global expansion with UA presence) |
|---|---|---|---|---|---|
| Operator | **Universal Bank (Ukrainian banking license partner; Fintech-IT Group monobank developer $1B+ valuation Nov 2025; co-founders Oleg Gorokhovskyy + Mykhailo Rogalsky + Dmytro Dubilet ex-PrivatBank executives)** | PrivatBank (Ukraine's largest bank; state-owned post-2016) | Sense Bank (formerly Alfa-Bank Ukraine; renamed post-2022 sanctions) | Raiffeisen Bank Ukraine (Raiffeisen Group Austria affiliate) | Revolut Group |
| Type | **Ukraine's first + largest mobile-only digital bank; banking-as-a-service via Universal Bank partner license** | Ukraine's largest bank (19M+ active customers) | Ukrainian commercial bank | Ukrainian Austrian-Raiffeisen affiliate | UK global multi-currency digital bank |
| Country | Ukraine | Ukraine | Ukraine | Ukraine | Global |
| Users | **9.77M active cards Jan 1 2025 + 10.3M+ Ukrainians 2025 + 108B hryvnias deposits (~$2.5B USD)** | 19M+ active customers (2024) | Major UA | Major UA | 50M+ |
| Distinctive | **Ukraine's first mobile-only bank (Nov 2017); 2nd by active cards 2 consecutive years; 3rd by attracted deposits; Top-35 global neobank per CNBC; Fintech-IT Group $1B+ valuation; co-founders ex-PrivatBank executives** | Ukraine's largest bank by customers; nearly every second adult Ukrainian uses Privat24 | Renamed post-2022 sanctions (Alfa Group divestment) | Austrian Raiffeisen Group affiliate | Global multi-currency Borderless |

## Status

**Active, Ukraine's largest commercial digital bank + first mobile-only bank** <sup>[1][1], [3][3]</sup>:
- **Universal Bank operating monobank since November 2017** (Fintech-IT Group monobank developer; co-founders Oleg Gorokhovskyy + Mykhailo Rogalsky + Dmytro Dubilet ex-PrivatBank executives).
- **Jan 1, 2025 — 9.77M active cards (NBU)** + **2025: 10.3M+ Ukrainians** + **108B hryvnias deposits (~$2.5B USD)**.
- **2nd among Ukrainian banks by active cards** (2 consecutive years).
- **Top-35 global neobank per CNBC**.
- **Fintech-IT Group $1B+ valuation (Nov 2025)**.
- **NBU regulated** via Universal Bank partner banking license.

## Sources

[1]: https://en.wikipedia.org/wiki/Monobank_(Ukraine) "monobank (Ukraine) — Wikipedia"
[2]: https://techukraine.org/portfolio/monobank/ "monobank Ukraine's first mobile-only bank — TechUkraine"
[3]: https://scroll.media/en/2025/11/27/fintech-it-group-interview/ "Fintech-IT Group monobank developer $1B+ valuation Nov 2025 — Scroll Media"
[4]: https://toptonapp.com/telegramgeek/monobank-vs-privatbank/ "monobank vs PrivatBank Ukraine — TopTonApp"
[ua-cro]: https://docs.barcoder.ai/docs/payments/UA

- [1] [monobank (Ukraine) — Wikipedia][1]
- [2] [monobank UA first mobile-only bank — TechUkraine][2]
- [3] [Fintech-IT Group monobank $1B+ valuation Nov 2025 — Scroll Media][3]
- [4] [monobank vs PrivatBank Ukraine — TopTonApp][4]
- <sup>[Ukraine report](https://docs.barcoder.ai/docs/payments/UA)</sup> In-corpus: `reports/countries/UA-ukraine.md`

## Source

Biography extracted from [monobank.md](https://docs.barcoder.ai/source/wallets/monobank). See `matrix.md` for standards-support matrix if present.