Ukrainian group of IT companies has invested in Finerd, an AI fintech solution for "financial nerds". The firm plans to launch its invite-only product by the end of the year.
- Finerd develops an AI-powered management platform for personal and business finances. It helps users to aggregate accounts, analyze expenses, manage debts, and track investments.
- FRACTAL, previously known as Netpeak Group, is a Ukrainian IT group that brings together over 30 companies across digital marketing, SaaS, analytics, education, and product development.
- As of now, Finerd has no MVP, users, or any traction, and its burn rate reaches $100,000 per month, according to Artem Borodatiuk, the founder of FRACTAL. The plan is to launch the product by the end of 2025. As Borodatiuk explained, access to Finerd will be by invitation only — and even with one, entry won’t be guaranteed. Only those who pass the "financial nerd test" will be accepted.
- The investment was a natural next step, since the group had previously collaborated successfully with Finerd's founder Radomir Novkovich:
"In this case, it’s also a niche where Novkovych has a unique background: he’s spent 15 years automating the finances of hundreds of companies — from small businesses to large corporations. He made his first exit almost 10 years ago, also with a financial accounting product," Borodatiuk said.
- Novkovich is a serial entrepreneur who has Saldo Apps and Kiss My Apps in his portfolio. As Forbes Ukraine writes, the team behind Finerd previously worked on another financial application that generated $1 million in annual revenue in the US and Canadian markets.
- The fresh $1 million investment from will help Finerd enhance its AI-driven finance features, scale across mobile and web, and expand marketing using Fractal’s ecosystem. It will also support team growth, strengthening development and customer success, which in turn will drive the platform’s overall growth.
