Alty, a company specializing in the development of banking and fintech products, talks about its development, industry trends and new projects. Founder Leonid Horev shares his experience of working with international clients and reveals the details of creating banking applications.
Fintech innovations of Ukraine
Alty development during the war
Ukrainian service company Alty, which operates in the format of a boutique agency with banking and fintech products, experienced a difficult period at the beginning of a full-scale invasion. However, thanks to the presence of a queue of customers and the signing of an agreement with a large bank in Nigeria, the company managed not only to stay afloat, but also to grow somewhat during 2022-2023.
Change of client base
Over the last period, the ratio of Ukrainian and international clients of Alty has changed. If earlier it was 40% to 60%, now it is 20% of Ukrainian and 80% of international customers. The company is actively working to overcome the reservations of foreign clients regarding cooperation with Ukrainian technology firms in wartime conditions.
Promising markets and partnerships
Alty focuses on the African market and the GCC region, which includes Kuwait, Saudi Arabia, the UAE and other countries. The company is an official partner of MasterCard, which promotes lead generation and development of cooperation in various regions. Payment systems are interested in the transformation of traditional banks into neo-banks, which increases the number of transactions from their cards.
Trends in the field of neobanks
Although the trend of creating super apps used to be popular, now this request is not so relevant. Instead, there is an interest in interacting with cryptocurrencies. Many banks strive to build ecosystems, but not all have the technological capabilities to do so.
The cost of developing banking applications
According to Leonid Horev, the creation of a high-quality banking application requires an investment of $1 million. This amount can reach $10 million, taking into account the need to change processes, transform banking departments and rewrite legacy code.
Leonid Horev's new projects
The founder of Alty has left the operational management of the company to focus on new projects. These include Card Blanch, which aims to bring a user's cryptocurrency and fiat tools together in one place, and Recharge. Card Blanch successfully held a crowdfunding campaign in the US, raising $466,000, and is now looking for an investor for a full launch.
Glossary
- Alty is a Ukrainian service company specializing in the development of banking and fintech of products
- monobank - Ukrainian mobile bank
- GCC - a region that includes Kuwait, Saudi Arabia, the UAE and other Persian countries bays
- MasterCard - an international payment system
- Card Blanch - a new project of Leonid Horev in the field of financial technologies
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Answers to questions
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Discussion of the topic – Banking innovations for a million: insights from Leonid Horev of Alty
The article reveals insider information about the development of banking applications from Leonid Horev, co-founder of Alty. Creation costs, monobank experience, new projects and investment search strategies are discussed.
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