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-IT Group, founded by former top managers of
PrivatBank:
Oleg Gorokhovskyi,
Mykhailo Rogalskyi 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.
2018 The service introduced
Shake2Pay, a feature that enables peer-to-peer (P2P) transfers by shaking two smartphones near each other. The devices detect one another automatically and open a transfer interface, allowing users to send money without entering card numbers or selecting contacts. 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.
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.
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.
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 Gorokhovskyi announced the decision to remove the Russian language from the application interface.
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 September,
monobank launched the software-based
cash register service check by mono in partnership with Checkbox for sole proprietors, providing receipt issuing, inventory management, and payment acceptance via terminals/NFC/QR with a 1.3% fee. 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.
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. monobank launched Group Expenses similar to Split Wise. 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" (later as monomarket). 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 Split Payments that works as BNPL (
Buy Now, Pay Later) service. In November, monobank appeared in the 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.
2025 In March, a pilot project titled “Secret Boxes” was launched in partnership with the Expirenza platform, allowing food service establishments to sell discounted meal sets at the end of the day in order to reduce food waste. In the same month, banking, as the main partner, financed the creation of the barrier-free performance pavilion “KYT” (in English:
Whale) at VDNG in Kyiv, designed as an accessible venue for artists’ performances. In April, beta testing began for monoKEP, a qualified electronic signature service that enabled entrepreneurs to use a digital signature directly within the app for interactions with government authorities. In July, the bank launched Tap to Pay on iPhone, enabling merchants to accept contactless payments without additional hardware. In August, monobank introduced its own network of self-service payment terminals (1,200 units at launch), allowing customers to top up cards without commission fees. In the autumn, monobank completed beta testing of the monomarket platform and in September launched an advertising campaign with a budget of 200 million hryvnias. In the same month, the bank updated its public dashboard (monobank.ua/dashboard), adding the ability to track turnover of top businesses for a selected period. In October, monobank launched the gamified campaign “Hunt for Lemons” to mark reaching 10 million customers. Inzhur REIT joined the prize fund, contributing cars and an apartment. A separate “AFU Lemon” worth 3 million hryvnias was raffled to fund the purchase of drones for the Armed Forces of Ukraine. In November, joint cards for managing family budgets and shared expenses were introduced, allowing up to five co-owners per card. In December, monobank launched in beta mode monobazaar, a marketplace platform enabling verified customers to buy and sell used goods, featuring AI-generated product descriptions, automated bargaining, and buyer protection through escrowed funds. == Concept and overview ==