For ventures across all industries, starting is not the only battle to win. Given the volatility and dynamic nature of today’s entrepreneurial realm and financial markets, businesses could expect that they would find scaling and surviving for long to be harder to accomplish. LEO International Payment System, a power player in the Ukrainian financial scene, knows all too well the challenges that come hand in hand with entering any competitive sector. It is also intimately privy to the struggle of staying afloat in complex waters. Amid the odds and operating in a war-stricken country, it managed to exceed expectations and showcase its might as an industry leader.
Recognized by the National Bank of Ukraine as part of the roster of important and system-forming payment systems of the country, LEO IPS currently stands among the top five largest authorities in the market, second only to companies such as Nova Poshta and Ukrposhta. This brainchild of Alona Shevtsova is the Best Payment Provider for Metaverse awardee by the Ukrainian Association of Fintech and Innovative Companies during the Ukrainian Fintech Awards 2021.
For some time now, LEO International Payment System has demonstrated the potential to emerge as an industry giant, growing each year and inching closer to the summit. In 2021, its stellar operational results saw the company experiencing a 147% increase in the number of transactions during the first nine months of 2021 and a 146% turnover growth within the payment system for the first three quarters compared to the same period in 2020.
LEO IPS succeeded in cementing its position even more solidly this year when it was able to increase the volume of money transfers within Ukraine by 6% compared to the beginning of the year as announced by the Director of the Department of Payment Systems and Innovative Department of the National Bank of Ukraine during his speech at the XXII Payments & Security EMA Conference.
“Overall, all the main players have seen a decrease in the number and volume of transfers,” said Andriy Podderegin. “But, there were two biggest contributors that have seen increases – LEO and NovaPay.”
This impressive performance by LEO IPS is especially note-worthy, given that the domestic money transfer market has dipped by 17% since the beginning of the year, and the number of transfers has decreased by 24%, as well.
Apart from its strategic technical maneuvers amid the financial implications of the war, LEO IPS is thriving because of the foresight of its leaders. “Last year, the management of the LEO MPS decided to stake on active business scaling,” shared the CEO of LEO IPS and the Chairman of the Supervisory Board of IBOX BANK, Alona Shevtsova. “As a result, fundamental changes in the structure of the management of the company were enforced, all of which affected all levels, from top managers to individual teams within departments. These and other reforms within the company were successful and timely. The most important thing is the fact that they allowed our payment system to work perfectly in difficult wartime conditions and show satisfactory results.”
Despite having secured a spot at the top of the game, LEO IPS has no plans of slowing down anytime soon. It plans to bank on its momentum and continue gaining traction in the industry in the years to come.
