€15 million in investments and expectations of an economic boom. Estonian fintech enters Ukraine. What are the plans?

For the first time since the beginning of the full-scale war, a foreign banking investor will enter Ukraine. This is the Estonian fintech group Iute Group AS, which is buying the insolvent RVS Bank. The company has already submitted The press service of the regulator said that the documents were submitted to the NBU. LIGA.net the application has not yet been finalized, but the name of the new financial institution is already known – Ute Bank."Ukraine will become an economic driver for Europe," believes Tarmo Sild, CEO and co-founder of Iute Group AS. In an exclusive comment for LIGA.net He explained why the company decided to invest in Ukraine right now, when Ukrainians will be able to start using the new bank, and what will happen to the 13,000 clients of the bankrupt RVS Bank.Read alsoBankrupt in a year. What happened to RVS Bank and when will depositors get their money back?How Iute Group is entering UkraineIute Group is entering the Ukrainian market by acquiring the license of the insolvent RVS Bank. The Estonian fintech company won the competition held by the Deposit Guarantee Fund for the acquisition of RVS's assets.The company specializes in consumer lending, microloans, installment plans for purchasing goods, and insurance products, building a business model around digital financial services for everyday use.The fintech company is not a new player in the market: it was founded in Tallinn in 2008 by Tarmo Soild and Allar Niinepuu. Iute Group operates in Moldova, Bulgaria, North Macedonia, and Albania, serving over 265,000 customers.Iute Group's largest market is Moldova, where the company holds the only banking license in its portfolio. In 2022, the fintech player acquired control over a troubled Moldovan bank. Energbank in Ukraine, he is repeating the same strategy.Read alsoMillions for brand awareness: how Ukrainian banks are fighting for customer attentionAs of the end of September 2025, assets Iute's revenue amounted to almost 487 million euros, and in the first nine months of 2025, the company received 8.5 million euros in net profit. The group raises financing through bond placements on the Frankfurt Stock Exchange and directs these funds to consumer lending.What will the work model be like in Ukraine?"Iute Bank is completely digital, all services are integrated into the financial app," says Tarmo Sild, CEO and co-founder of Iute Group AS.According to him, the company intends to invest €15 million in the Ukrainian market, which is the internal investment limit set until the end of the war, he says.The bank will have no branches. The Ukrainian financial institution will operate on a digital-first model and will be integrated into the technologies, operational model, and partner ecosystem of Iute Group.At the start, the Ukrainian bank plans to provide basic banking services within the scope of a full banking license. The Ukrainian license allows opening accounts for retail and corporate clients, issuing cards, attracting deposits, providing loans, making payments, foreign exchange operations, as well as cash and settlement services."After the acquisition, we need to form a new bank team, recapitalize it, build new business processes and a product line. The launch of full-fledged operational activities is planned for the first quarter of 2027," the group's CEO said.In 2026, Iute Group AS expects the bank's net loss to be no more than €3 million, the co-founder said.In the first year of operation on the Ukrainian market, the main focus will be on launching the digital application and key financial products, as well as on attracting customers, says Schild.Read alsoRVS Bank owner Stetsiuk will go to court over the NBU's decision"The next stage will involve scaling the business – increasing volumes and expanding products and services," he adds.Iute Bank plans to commence operations without the inherited credit risk from the existing loan portfolio and with a "clean" balance sheet. The company states that every client of the former RVS Bank has the right to decide for themselves whether to stay or leave.Why did Iute decide to enter Ukraine right now?Sild does not hide his personal sympathy for Ukrainians and notes that profound value and cultural changes in Ukraine were one of the factors in the decision to invest in the country, but three key business aspects played a role.Ukraine has a very high chance of becoming one of the drivers of Europe's economic growth, according to Tarno Sild.There is a strong impetus for reconstruction in Ukraine. "I see great parallels with Estonia and, for example, Albania, which has increased its GDP sevenfold since 2000 and where Iute is very successful," he notes.Millions of skilled professionals and abundant natural resources. Tarmo Sild cites the example of Germany, which was bombed, lost a significant part of its population, and had no allies – yet created an economic miracle in the 1950s and 60s."Ukraine, unlike Nazi Germany, is fighting for a just cause, has many friends, and will win – so its prospects are even better. After the war, we will see large-scale reconstruction and growth," concludes Tarmo Sild, co-founder of Iute Group AS.

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