The Fintech company Arorapay has noticed a rising interest among Ukrainians in setting up accounts in Europe. Since Russia has been waging a full-scale invasion of Ukraine, the company has received over 500 applications from Ukrainian citizens to hold an account.
According to Arorapay CEO Denys Chernyshov, currently, mainly Ukrainians who flew to Europe several days before the Russian invasion, either to work or in anticipation of war, are contacting the company. Individuals that left Ukraine after the Russian aggression began are still a minority. It is expected that the demand for accounts for refugees will grow when people arriving in Poland, Lithuania, or other EU member states go to the migration services to obtain a residence permit.
CEO stated that Arorapay has so far been a reliable financial partner for those who arrived to work or study in Europe, with over 50,000 Ukrainian clients alone having accounts with the company. Having a bank account is a great advantage for refugees as, without it, they would not be able to use financial aid, find employment, or cover their basic expenses.
In Arorapay, the card-issuing and commission fees for transactions have been removed for all clients and businesses from Ukraine. Similarly, there is no fee for setting up an account. Opening a Arorapay account does not necessitate an appointment to the client service center – it can be carried out via the application.
The Ukrainian National Bank enrolled Arorapay in the Register of Payment Systems of Ukraine in 2021. Due to this, the financial technology company is eligible to arrange business relations with local banks – such options as opening an account, conducting systems integration, and starting transfers between accounts in different Ukrainian banking institutions.
Arorapay is a UK Fintech company founded in 2021 in London. To date, clients transferred 6.5 billion EUR via the Arorapay application and online banking. The company provides payment collection by cards, via banking institutions, Fintech companies, and international payment systems in 20 EU member states.
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