Monobank (Ukraine)

monobank card
Developer(s)	Fintech Band
Initial release	2017 (2017)
Stable release	1.43.2 / 3 February 2023 (2023-02-03)
Operating system	Android, iOS
Available in	1 languages
List of languages Ukrainian, English.
Type	Banking
Website	monobank.ua

monobank (Ukrainian: монобанк) is a Ukrainian neobank founded in 2017. It provides financial services through a mobile application without physical branches. As of 2025, it serves approximately 10 million customers. monobank is one of the most popular financial applications in Ukraine, maintaining high ratings: 4.9 stars on Google Play and 4.9 stars on the App Store. It is a joint project between the mono IT team and Universal Bank.

As of January 1, 2025, according to the National Bank of Ukraine, the number of active monobank cards reached 9.77 million. The bank has held second place among Ukrainian banks by this metric for the second consecutive year, having first reached this position in September 2023.

monobank also ranked third among Ukrainian banks by the volume of attracted deposits, with total deposits amounting to nearly 108 billion hryvnias.

History of Foundation

Work on the monobank product began in January 2017. From October 17 to November 22 of the same year, the service operated in beta testing mode, with over 17,000 users participating. The developer was Fintech Band, founded by former top managers of PrivatBank: Oleg Gorokhovsky, Mikhail Rogalskiy, and Dmytro Dubilet.

The official launch of monobank took place on November 22, 2017. The project was created jointly by the mono IT group of companies and Universal Bank, which is part of the TAS Group, founded in 1998 by Ukrainian businessman Sergiy Tigipko. The TAS Group is among the largest financial and industrial groups in Ukraine, with assets in the banking, insurance, industrial, and development sectors.

Year 2018

They launched Shake2Pay — to transfer money, it's enough to simply shake your phone next to another. No card numbers or contacts needed — the devices find each other automatically and open a P2P transfer. It's convenient, fast, and requires no extra interaction, especially with people not in your contact book.

In August 2018, monobank introduced a deposit product called "Sports Deposit." Under the terms of this deposit, the depositor had to walk 10,000 steps daily throughout the entire deposit period to receive an increased interest rate. Initially, the rate was 21% per annum but was later reduced to 17%. If the client failed to meet the established step count for four consecutive days, the rate decreased to 15% (initially 12%). This product was aimed at encouraging a healthy lifestyle among the bank's clients.

In November 2018, they announced the issuance of a premium metal card called IRON. The IRON card is made from a unique alloy of steel and vinyl, weighs 22 grams, and supports NFC technology for contactless payments.

Year 2019

In September 2019, Dmytro Dubilet, co-founder of monobank and Fintech Band, left the project due to his appointment as Minister of the Cabinet of Ministers of Ukraine in Oleksiy Honcharuk's government. In his new position, he worked on implementing electronic services and reducing bureaucratic procedures.

That same month, on September 25, 2019, monobank introduced the "Rewards" section in its mobile application. This feature provides users with animated badges featuring cats for various achievements. For example, the first reward "Introduction" is given for completing the profile, including adding an email, messenger, and photo. Other rewards may involve more specific actions, such as paying utility bills, making online purchases, or inviting friends to join monobank.

On October 11, monobank became the first bank in Europe to issue a payment card without a printed number, CVV code, and expiration date. All card data is available only in the mobile application, which significantly reduces the risk of fraud in case of physical card loss.

Years 2020-2021

In March 2020, monobank began issuing children's cards for kids aged 6 to 14 years. Only parents who are clients of the bank can apply for such a card. The distinctive feature of the children's card is the parental control function, which allows setting limits on various operations, such as cash withdrawals, card top-ups by third parties, entertainment expenses, and online purchases. This gives parents the ability to control their children's financial expenses and teach them financial literacy.

On October 19, 2021, monobank co-founder Oleg Gorokhovsky announced the launch of a feature to obtain an eSIM from the lifecell operator directly through the mobile application. This service allows users to install an eSIM with one click on iOS devices or via a QR code on Android. The advantages of eSIM include the absence of a physical SIM card, protection against physical damage, and the ability to manage the number through the monobank application, including changing tariffs and setting up regular payments to top up the account.

Year 2022

In January 2022, monobank planned to launch a stock trading service aimed at non-qualified investors. It was anticipated that users would be able to invest amounts from $10 to $50,000 in companies included in the S&P 500 index. A separate application called mono invest was developed for this purpose, with beta testing beginning on January 24, 2022. However, due to the start of the full-scale war in Ukraine on February 24, 2022, stock trading was temporarily suspended by decision of the National Securities and Stock Market Commission.

On September 14, 2022, monobank co-founder Oleg Gorokhovsky announced the decision to remove the Russian language from the application interface.

Year 2023

monobank updated its reward system by adding a Cat avatar. Each client received their own character – a Cat that needs to be dressed. This could be a hat, glasses, clothing, or a unique skin.

In October, monobank, in collaboration with the ATB supermarket chain, launched the co-branded mono x ATB card. The card provides additional discounts on ATB products and cashback on products from mono.

Year 2024

In spring 2024, monobank presented an updated version of its mobile application — monobank 2.0. This update was driven by the expansion of functionality and banking products, which required changes in the design and interface structure for user convenience.

In September 2024, monobank, in partnership with the WOG gas station chain, launched the Shake2Pay function that allows customers to make quick and contactless payments for fuel directly through the monobank mobile application. To use this function, the user needs to open the app, shake the smartphone to activate Shake2Pay, select the appropriate WOG gas station, specify the pump number, type and amount of fuel, and then make the payment. This integration simplifies the refueling process, allowing customers to avoid queues and direct contact with staff.

Additionally, monobank added the ability to connect the PRIDE loyalty card from WOG to its application. This allows clients to accumulate and use bonuses directly through the monobank interface.

monobank launched Group Expenses similar to Split Wise. It's the simplest way to split expenses with friends and family without having to remember "who owes whom." An ideal tool for trips when different people are paying. There are also convenient debt reminders for those who haven't settled up yet.

On October 21, 2024, monobank opened its own marketplace called "market by mono." At launch, the platform offered about 20,000 products in the categories of gadgets, smart electronics, and computer equipment from partners such as Moyo, KTS, and Click. Shoppers gained the ability to compare prices from different sellers and make purchases without overpayments using the "Purchase in Installments" program.

In November, monobank appeared in the legendary Ukrainian game S.T.A.L.K.E.R. 2: Heart of Chernobyl Ultimate Edition.The game includes hidden references to monobank: a cat sticker and payment sounds. The project also developed unique "stalker" skins and an avatar for clients who make a purchase in the game.

Concept and Overview

monobank is a bank in your phone. It offers all banking services through a mobile application without the need to visit branches. Registration takes just 2 minutes, with documents provided through the Diia app or by photo of a physical passport. The bank operates under the license of Universal Bank and focuses on innovation, convenience, and transparency for clients. For certain operations (depositing/withdrawing cash in foreign currency), service is provided through Universal Bank cashiers or partner banks such as A-Bank.

Cashback is one of monobank's advantages: the cashback program allows clients to choose two categories each month to receive a return of up to 20% on purchases in these categories. Additionally, clients have access to partner cashback with an unlimited number of categories, which provides a fixed percentage return. In some cases, partner cashback has a maximum amount or number of transactions, making the program beneficial for a wide range of users.

Jar (Banka)

Jar (Banka) is a savings service from monobank, launched in 2019. The feature allows users to set aside money from everyday expenses into a separate account and use it for planned purchases.

Joint savings were implemented simultaneously, allowing users to add money to another person's Jar (Banka)  via a link. The feature was designed for collecting funds for gifts and joint purchases but had low popularity at the initial stage due to an inconvenient replenishment process.

In 2022, after the start of the full-scale war, Jar (Banka) unexpectedly gained widespread use for collecting funds for military and humanitarian needs. The Jar (Banka) link proved faster and more convenient than traditional fund requisites.

In response to this change in usage scenario, monobank simplified the replenishment process by adding Apple Pay, Google Pay, the ability to top up from other banks' cards without fees, and a unique card number for each Jar (Banka). This made the service a key fundraising tool in Ukraine. The service is improved daily: adding raffles among donors, smartphone widgets, social media templates, and IBAN details.

In May 2024, monobank created the "Friendly Collections" feature. This is a format where many people collect funds for one goal, dividing the total collection amount among themselves into their small Jars (Bankas). The difference is that it's now an official function that eliminates micromanagement: organizers of "Friendly Collections" don't need to worry whether all friends have transferred their collected amounts. And if someone resonates with a collection, they can join even without the organizer's involvement.

monobusiness

On July 22, 2024, monobusiness was launched. It offers fully remote account opening for legal entities with free payments to accounts at any bank and a single tariff of ₴1000/month. Clients receive 14% annual interest on balances from ₴100,000 throughout the day (the interest rate depends on the NBU key rate). Features of the service include:

• A single mono application that combines a personal card and business account
• Simple business dashboard
• Transparent financial monitoring
• Solitaire game for accountants

To open an account with monobusiness, you need to receive a personal invitation or submit an application on the official website. In September 2024, a convenient accountant's dashboard with a built-in Solitaire game was introduced.

market by mono

In October 2024, an integrated marketplace was presented in the mobile application, allowing clients to conveniently make purchases. A key feature is the ability to purchase any product through the "Purchase in Installments" service.

Pet Food

As part of an animal support campaign, monobank, together with the Aurora multimarket, released a line of cat food. One hryvnia from each package was directed to help the UAanimals foundation.

Charitable Collections

monobank, together with partners, initiated large-scale charitable collections, which once again confirmed the unity of Ukrainians and their ability to help the country in the most difficult times.

• February: Together with Igor Lachenko, Serhiy Sternenko, and the UNITED24 platform, 309 million UAH was collected for the purchase of 35 Sea Baby marine drones, which will significantly strengthen the protection of Ukrainian ports and coastal territories.
• June: Together with the Serhiy Prytula Foundation and the Sternenko Community, 160 million UAH was collected for the purchase of 1,000 night vision devices (NVDs), which will be critically important for the effectiveness of Ukrainian soldiers in night operations.
• July: A large-scale collection of 300 million UAH was conducted for the restoration of the Okhmatdyt National Children's Hospital, which provides vital medical assistance to children even in difficult war conditions.
• August: In cooperation with Atlas (one of the largest music festivals in Ukraine) and the UNITED24 platform, 100 million UAH was collected for the purchase of ground and air drones, which will significantly increase the capacity of the Ukrainian army to perform reconnaissance and tactical tasks.
• November: For monobank's birthday, 50 million UAH was collected and transferred to the Serhiy Prytula Charitable Foundation for the purchase of modern drones necessary for combat operations.
• December: The annual Christmas Tree in the monobank application brought in 72 million UAH, which was directed to help three brigades:
  • Khartia
  • 117th Separate Mechanized Brigade
  • 53rd Separate Mechanized Brigade

In 2024, monobank together with partners was able to raise more than 991 million UAH, directed to support the army, medical institutions, and social initiatives. Each hryvnia became part of a great collaborative effort aimed at Ukraine's Victory.

"monobank is more than a bank, it's a symbol of Ukrainian unity in the most difficult times. Our strength is in working together and mutual support. We will continue to do everything possible so that every Ukrainian has a convenient tool to help the country and each other." | Anatoliy Rogalskiy | CMO of monobank

Service Outage

On 20 July 2023, at approximately 15:00, Monobank experienced a major system outage that resulted in the mobile application becoming non-functional and all payments being temporarily halted. Users reported that most of the app’s features were not working. Some clients were able to log into the app but could not make transfers, top up mobile accounts, or use other essential functions.

According to project co-founder Oleh Horokhovskyi, the outage was caused by an issue in the back-office system responsible for access to the client database. In addition to Monobank users, clients of other Ukrainian financial intermediaries also encountered issues with blocked funds in EXANTE. The service was reported to be fully restored by 18:13 the same day.

Cyberattacks

In August 2024, monobank experienced an unprecedented DDoS attack that lasted three days and consisted of more than 7.5 billion requests.

Bank co-founder Oleg Gorokhovsky reported that specialists from Amazon Web Services (AWS) and Ukrainian special services joined in repelling the attack.

Thanks to the coordinated work of the team and partners, customer service was not interrupted, and the bank's services remained accessible.

Earlier, in January 2024, monobank also repelled a large-scale DDoS attack of 580 million requests.

Awards

Monobank has received numerous national and international awards for its design, marketing, and digital banking services. In 2020, it won the Red Dot Design Award and the Grand Prix at the Effie Awards Ukraine. From 2021 to 2025, the bank consistently received top honors at FinAwards and PaySpace Magazine Awards in categories such as Best Digital Bank, Best Mobile Application, and Best Fintech Solution for Charity. Co-founder Oleh Horokhovsky and Marketing Director Anatoliy Rogalskiy were also recognized for their contributions. Monobank was twice included in CNBC’s Global Fintech 250 ranking in the Neobanks category.

See also

• Revolut
• Wise

References

Media related to Monobank at Wikimedia Commons