Ukrainian fintech expands globally. Bright prospects, fading shadows

Ukrainian fintech startup Fintech Farm has announced the launch of a new digital bank, Tezbank, in Uzbekistan, in partnership with local Hamkorbank, one of the country’s notable financial institutions. The launch positions Tezbank as a fully digital financial platform designed to bring modern banking services to Uzbekistan’s fast-growing, young, and mobile-first population. Fintech Farm was founded in 2020 by Former Privat Bank manager Dmytro Dubilet, former KPMG M&A head Mykola Bezkrovnyi, and Oleksandr Vityaz, owner of cloud service Corezoid.

This marks Fintech Farm’s fifth international market after Azerbaijan, Kyrgyzstan, India, and Vietnam — a remarkable regional expansion for a company that began in Ukraine just a few years ago. Founded by a team behind Ukraine’s successful Monobank project, Fintech Farm has attracted over USD 20 million in international investment, including from strategic fintech investors, as reported by Forbes Ukraine.

Fintech Farm’s international projects have shown impressive growth metrics. In Azerbaijan, its flagship Leobank already serves more than 1.3 million clients, becoming one of the fastest-growing neobanks in the South Caucasus. In Vietnam, Liobank reported record transaction volumes and user engagement. In India, the company’s latest venture, Roarbank, launched in early 2025, aims to capture the country’s booming digital lending and SME segments, leveraging lessons from earlier markets. Together, these results underline Fintech Farm’s operational agility and capacity to replicate success across diverse regulatory and consumer environments.

However, Fintech Farm’s rapid ascent is not without controversy. Some founders and their close associates may have been previously connected to oligarch Ihor Kolomoyskyi and to schemes surrounding the alleged multibillion-dollar siphoning of funds from PrivatBank, Ukraine’s largest commercial bank, before its nationalisation. Investigations by the High Court of London and multiple Ukrainian outlets have connected Dmytro Dubilet to a circle of individuals involved in questionable transactions at PrivatBank. Adding to these concerns, Dmytro Dubilet’s father, who served as a senior manager at PrivatBank, has been formally accused by Ukraine’s National Anti-Corruption Bureau (NABU) of involvement in the embezzlement of over UAH 9.2 billion alongside Kolomoyskyi, and is now believed to be evading Ukrainian law enforcement in Israel.

While Fintech Farm’s expansion underscores Ukraine’s entrepreneurial capacity and growing regional influence in fintech innovation, the group’s ownership background and prior associations warrant continued attention — particularly as they gain access to new banking systems abroad.

For Uzbekistan, the Tezbank launch represents an ambitious step toward digital transformation. For risk analysts, it’s also a case study in how post-PrivatBank networks from Ukraine are reshaping regional finance under new banners.