Iute Group has announced plans to enter the Ukrainian banking market by acquiring a local banking licence, marking a significant step in its expansion across Eastern Europe. The move would see the fintech lender establish a fully digital bank in Ukraine, subject to regulatory approval.
According to a disclosure by Iute Group, the group intends to acquire a licence currently held by a bridge bank managed by Ukraine’s Deposit Guarantee Fund. The transaction involves a limited transfer of low-risk assets and retail deposit liabilities from a bank under resolution, with a total volume of around €4 million.
The planned acquisition price for the licence and related assets is approximately €120,000, to be funded from Iute’s existing liquidity. Around 13,000 retail customers and their accounts are expected to be transferred to the new entity. No physical branch network would be included, underlining the group’s digital-only approach.
If approved by the National Bank of Ukraine, the new institution will operate under the IuteBank brand. It is expected to offer basic retail banking services including accounts, cards, deposits, consumer loans, payments and foreign exchange, delivered primarily through mobile and online channels.
Iute said the project would be led by Arthur Muravitsky, a Ukrainian banking executive with experience in retail and digital banking. The group expects the new bank to remain relatively small in its early years, with start-up losses capped at around €3 million in 2026 and a strict internal investment limit until the business reaches defined profitability targets.
The move reflects Iute’s broader strategy of combining consumer lending with digital banking services in underserved or fast-digitising markets. Ukraine, despite the ongoing war, has continued to advance digital public services and cashless payments, making it an attractive long-term market for fintech-led banking models.