Ukrainian micro, small, and medium-sized businesses (MSMEs) form the foundation of the country's economic resilience and create jobs. At the same time, this segment is the one that most needs financing to support operations and development. Speed is key for entrepreneurs. When the need arises to purchase new equipment or if it breaks down, a solution is needed today, not after months of approvals and checks.
How can a business stop waiting and start earning? Activitis offers an answer through the embedded finance model. "Today, we are the only fintech company in Ukraine that systematically implements embedded finance for micro, small, and medium-sized businesses," the company says. Activitis shareholders Kostiantyn Zhukovskyi, Yaroslav Smakota, and Maksym Kushnarov explain how the embedded finance model works in practice.
Embedded finance: analysis, need, solution
According to the Financial Pulse Center for Economic Research and Forecasting, as of July 2025, the volume of the MSME loan portfolio in Ukraine reached UAH 616.6 billion. The largest share belongs to loans for medium-sized enterprises at 47%, micro-businesses accounted for 38%, and small companies for 15%.
"As the statistics show, micro and small businesses attract less financing than medium-sized ones, and this is no coincidence," explains Kostiantyn Zhukovskyi, a shareholder of Activitis. "When international institutions provide funds to banks to support MSMEs, a significant portion of micro and small enterprises actually remain without real access to these resources. Financing is concentrated in the upper segment. This happens because loans of up to UAH 1 million are economically unattractive for banks. Furthermore, entrepreneurs themselves often lack the necessary expertise to prepare a full package of documents and navigate complex banking procedures."
This is exactly what the company's shareholders are building their model on. To ensure that micro and small businesses can obtain financing quickly and without excessive bureaucracy, the company is implementing an embedded finance ecosystem, creating a "seamless" user experience.
