Monobank changes owners: who will own it
26 April 07:26
The Antimonopoly Committee of Ukraine (AMCU) has granted permission to Crestline Limited, a Cypriot company, to acquire control over Fintech Band LLC, a developer and technology operator of monobank, which carries out all banking operations on the basis of Universal Bank. This was reported by the regulator’s press service, "Komersant Ukrainian" reports
“Crestline Limited (Limassol, Cyprus) has been granted permission to acquire control over FINTECH BAND LLC,” the statement reads.
The Cypriot register lists Oleksandr Nagornyak as one of the directors of Crestline Limited, whose first and last name coincides with a person who, according to his LinkedIn page, has been working at Fintech Bend since 2016 as a Software Developer.
No other information about Crestline Limited is available yet.
In a commentary to the EP, monobank co-founder Oleg Gorokhovsky said that he and Mykhailo Rogalsky had increased their stakes in Fintech Bend through Crestline Limited.
The amount of the deal was not disclosed, but it is noted that it was agreed by all parties.
According to YouControl, the main stakes in Fintech Bend LLC belong to former PrivatBank executives Oleg Gorokhovsky and Mikhail Rogalsky. Each of them owns 31.96% directly and another 5.24% through intermediaries. Other co-owners include Yevhenia Kryvenko and the Cypriot company Nisets Limited (14% each), and Daria Bukreeva has 8%.
Interfax-Ukraine notes that Crestline Limited also owns 2.784% in another Dnipro-based company, ACD Processing LLC, which is 93.351% owned by Fintech Band.
Horokhovsky, Rogalsky, and Kryvenko are also minority shareholders in this company – 1.082% each, as well as Bukreeva – 0.618%. The beneficiaries of this company are Gorokhovsky and Rogalsky, whose indirect participation, in addition to direct participation, is 36.13% each.
Mr. Gorokhovsky also said that future changes in the shareholder structure are part of the company’s development strategy. In particular, the emergence of the Cypriot companies Crestline and Nisets is a normal international practice used for the convenience of corporate governance.
Both entities are registered as tax residents of Ukraine and pay all taxes here, which is confirmed by data from the registers.
“The company will continue to operate as usual. Our focus remains on the development of monobank, the mono ecosystem, and innovations in fintech and e-commerce,” Gorokhovsky added.
According to YouControl, Fintech Bend’s revenue in 2024 decreased by 1.5 times to UAH 3.71 billion, while net profit decreased by 2.7 times to UAH 1.15 billion.
Previously, Fintech Bend’s owners included other former PrivatBank top executives, including Oleksandr Dubilet (former CEO), his son Dmytro, Volodymyr Yatsenko, and Liudmyla Shmalchenko. Dmytro Dubilet withdrew from the company due to his work in the government of Oleksiy Honcharuk in 2019, while the rest of the co-owners lost their shares shortly before or after being notified of suspicion by law enforcement officers in the PrivatBank case.
