For the Polish company, the Ukrainian bank will become an first asset of this level in its business portfolio. So far, the company has been working mainly as a payment system: it provided services for opening accounts, money transfers and currency exchange. Moreover, on the eve of the deal, the management of ZEN.com denied plans to enter the banking market, Economic Pravda reported.
From gaming business to fintech
The company ZEN.com is called “Polish Revolut”. It was founded by David Rozek in Rzeszów in 2018. Before that, he was involved in organizing the gambling marketplace G2A, but after that he sold his stake in this business and became a financial services marketplace operator. ZEN.com started operating in May 2020 after it received a payment license in Lithuania. According to the Lithuanian central bank, the Polish fintech became the country’s largest payment company in the third quarter of 2025, generating about 17% of the total revenue of this market.
The Lithuanian license allowed the startup to operate in the EU, Iceland, Norway and Liechtenstein. In 2024, it acquired payment licenses in the UK and Singapore. That same year, the company made its first profit. According to ZEN.com, the company’s services are currently used by 1.5 million customers and 10 thousand companies in 32 countries. According to preliminary data, in 2025 the company’s revenues amounted to 115 million euros (the amount of profit is not disclosed).
At the beginning of 2026, the company entered into a cooperation agreement with Amazon. Within its framework, the platform will credit users with instant cashback on purchases on this marketplace.
Why did the Polish company need a Ukrainian bank?
ZEN.com emphasizes e-commerce services and the development of appropriate payment solutions. CEO Michal Boguslavsky in an interview with XYZ. announced the entry into the Ukrainian market, but exactly as a payment company. In particular, he complained that the National Bank of Ukraine has not issued any new payment licenses since the beginning of the war, which is a challenge for potential investors.
The fintech startup planned to enter Ukraine as part of a broader expansion strategy, while also considering the possibility of obtaining a license in Hong Kong.
What the Polish investor will get
PINbank is one of the smallest Ukrainian banks. According to the NBU, its share was only 0.01% of the assets of solvent Ukrainian banks. The bank was 88.9% owned by a sub-sanctioned Russian businessman. For a long time, PINbank was a “candidate” for the status of “Post Bank” (it was assumed that the institution would be transferred to Ukrposhta). However, the transfer to Ukrposhta was blocked by the National Bank, as the state-owned postal operator is also unprofitable.
At the time of its withdrawal from the market, its total assets amounted to UAH 163 mln, of which UAH 54 mln was “live money”. The starting valuation of 100% of PINbank shares at the time of sale amounted to UAH 100-150 mln, in particular because of the bank’s potentially liquid loan portfolio. This is a high valuation for a bankrupt bank of such size.
The new investor intends to additionally contribute up to UAH 1 bln to the bank’s capital. After the sale is finalized and approved by the National Bank and the Antimonopoly Committee, the new owners of PINbank will have about a month to ensure that it meets regulatory requirements.
What does Duda have to do with it?
ZEN.com decided to buy the Ukrainian bank shortly after former Polish President Andrzej Duda joined its supervisory board. In an interview with the Polish publication Onet, Duda noted that he sees his role in ZEN.com as the person who will help the fintech company obtain licenses in other countries.
Foreign expansion into the Ukrainian market
ZEN.com is the second Eastern European fintech company to buy a bank in Ukraine since the beginning of 2026. The day before, the deal to buy the bank was finalized by the Estonian company Iute, which earlier this year acquired the bankrupt RVS Bank.
