Monobank’s Fintech Band shifts ownership via Cyprus firm
Cyprus-based Crestline Limited secured control of Monobank’s operator, Fintech Band, boosting stakes for co-founders Oleh Horokhovskyi and Mykhailo Rohalskyi, according to a decision of the Antimonopoly Committee of Ukraine on April 24.
The antitrust agency allowed Crestline Limited to increase its stake in Fintech Band LLC, the developer and technological operator of Monobank, from 0.08% to a controlling share.
Fintech Band collaborates with Universal Bank, owned by Serhiy Tihipko, to provide Monobank’s banking services.
According to YouControl, as of April 25, 2025, Fintech Band’s ownership structure includes:
- Crestline Limited - 63.98%,
- Nisets Limited - 14%,
- Yevheniya Kryvenko - 14%,
- Daria Bukreyeva - 8%,
- Mykhailo Rohalskyi - 0.008%,
- Oleh Horokhovskyi - 0.008%.
However, Horokhovskyi and Rohalskyi remain the ultimate beneficial owners, each with a direct influence of 31.96% and an indirect influence of 5.24%.
Horokhovskyi confirmed the ownership changes in his Telegram channel.
He explained that Crestline and Nisets, both Cyprus-based but registered as Ukrainian tax residents, facilitate corporate governance while paying all taxes in Ukraine.
Previously, Fintech Band’s owners included former PrivatBank executives Oleksandr Dubilet, his son Dmytro, Volodymyr Yatsenko, and Liudmyla Shmalchenko.
Dmytro Dubilet exited in 2019, while the others divested their shares shortly before or after being charged by law enforcement related to PrivatBank cases, according to Interfax-Ukraine.
In 2024, Fintech Band’s revenue fell 1.5 times to 3.71 billion hryvnias ($92.4 million), and net profit dropped 2.7 times to 1.15 billion hryvnias ($28.6 million).
The company remains among Ukraine’s top 10 IT firms by revenue.
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