Case Study
The Ministry of Economy of Ukraine oversees national economic policies, including trade and industry regulation. To advance critical reforms, it collaborates with the Ukraine Recovery and Reform Architecture (URA), a technical assistance program by the European Bank for Reconstruction and Development (EBRD) and the European Union. Within this framework, the Recovery and Reform Support Team (RST) provides targeted expertise to implement priority reforms effectively.
Following Russia’s full-scale invasion, Ukrainian exporters faced an unprecedented financial crisis. They struggled to secure the necessary funds to sustain international trade, as traditional banks were unable or unwilling to extend credit due to risks. The resulting liquidity shortfall severely impacted businesses, leaving them unable to fulfil export contracts. Without immediate intervention, Ukraine’s export sector risked long-term stagnation when international trade was crucial to economic resilience.
In response to this crisis, the Ministry of Economy of Ukraine sought to develop a streamlined, technology-driven platform. The goal was to modernise and expedite access to international factoring, allowing exporters to convert invoices into immediate working capital. This solution aimed to automate registration, validate VAT in real time, and facilitate seamless cross-border invoicing—all essential components for ensuring financial stability and uninterrupted trade.
We began by collaborating closely with the Ministry of Economy of Ukraine and the Reform Support Team to understand the challenges faced by Ukrainian exporters. In-depth workshops helped us map the entire process, identify key pain points, and define the critical features, such as automated registration and a unique VAT validation system, required to bridge the financing gap.
Our team crafted a responsive and intuitive web platform that integrated automated workflows for registration, VAT validation, and cross-border invoicing. Emphasising user-centric design, we ensured the platform was scalable, secure, and compliant with international finance regulations.
Following rigorous testing and quality assurance, we successfully deployed the platform within the four-month timeframe. The solution’s impact was immediate, enabling swift access to funds for exporters, and its innovative approach was later recognized with the prestigious 11:FS Award in the Fintech for Good category.
The platform has enabled international factoring of over €100 million, reducing the financing gap for Ukrainian exporters.
Automated registration and VAT validation streamlined processes, allowing exporters to access funds more rapidly and efficiently.
Recognised with the 11:FS Award for Fintech for Good for showing how technology can drive change in export finance.
I feel overwhelmed by gratitude.
Our product is helping Ukrainian businesses with their factoring and operational challenges despite all the obstacles of the war. I believe in the future we will hear more about stories such as this project.
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