The Ukrainian Ministry of Economy needed to establish a financial lifeline for exporters. Ukrainian companies have faced a daunting 80% financing gap amid economic challenges since 2022. Espeo Software developed a refactoring application platform for the Ukrainian Reform Support Team. Under the ‘Tech To The Rescue’ initiative, FactoringUA aimed simplify access to financing for businesses.
The Ukrainian Government lacked proper internal resources to build the platform. The main challenges included the complexity of traditional financing models, logistical hurdles, and lack of efficient processes for VAT validation and cross-border invoicing. The existing system didn’t address these needs. The Ukrainian Reform Support Team aimed to increase the number of onboarded companies and facilitated funds.
Espeo Software played a key role in the FactoringUA project. The platform features automated user registration, a unique VAT validation system, and cross-border invoicing capabilities. The design and development focused on user-friendliness and has been adapted to diverse needs. Our front-end developers built the interface in React. With short deadlines and many stakeholders, agile methodologies helped ensure flexibility, and efficient delivery.
Enhancing FactoringUA’s user interface significantly improved its adoption. New back-end features made the application process much smoother. The platform is used by many companies from various industries and has enabled up to €100 million in funding since its launch.
FactoringUA received international recognition and was distinguished at the 11:fs Awards in 2023. Good usability is essential for any successful and widely adopted financial platform. At Espeo Software, we prioritise the user experience as a key factor in application development.
We’re privileged to have partnered with Ukraine’s Ministry of Economy for this project. Espeo Software is committed to helping our clients provide financial access to those who need it most.
Hire a team of experienced project managers, designers, developers and testers.