More than 300 executives gathered at the Embedded Finance for Business conference in Kyiv to explore new funding models for Ukrainian small businesses.
The event was organised by the online service eDilo in partnership with global payment provider Mastercard and UKRSIBBANK BNP Paribas Group. Discussions focused on overcoming limited capital access caused by strict reporting rules, collateral demands, and lengthy approval procedures.
Embedded finance integrates financial tools directly into routine commercial activities such as purchasing goods, settling invoices, acquiring equipment, or topping up corporate balances. Conference attendees viewed the model as a practical way to streamline and accelerate capital access for micro, small, and medium-sized enterprises.
Kyiv, the capital of Ukraine, has remained a hub for financial innovation despite wartime economic pressures. Mastercard operates financial network services worldwide, while UKRSIBBANK BNP Paribas Group is one of Ukraine's largest commercial lenders, majority owned by French banking group BNP Paribas. The eDilo platform provides digital financial solutions tailored for corporate transactions.
Integration into daily business operations
Kostiantyn Zhukovskyi, founder and shareholder of fintech infrastructure provider Activitis, told the conference that embedded finance represents a fundamentally different architecture for business access to capital rather than just another financial product. He said financing should become a natural part of business processes so entrepreneurs no longer need to search for capital separately.
Zhukovskyi added that financial systems must be designed around the people they serve, specifically Ukrainian entrepreneurs. He stated that the primary objective is to help domestic companies grow faster than external circumstances can hinder them.
To expand access, banks, fintech firms, and commercial platforms are adopting alternative risk evaluation methods. Conference participants highlighted the use of digital platform data, noting that information on sales history, seasonal patterns, demand trends, and settlement records can supplement traditional financial statements when assessing loan applicants.
Fintech providers like Activitis develop software infrastructure that connects commercial platforms with banking networks. Micro, small, and medium-sized enterprises make up the backbone of Ukraine's local economy, but many struggle to meet traditional bank lending criteria during ongoing conflict.
Corporate partnerships and commercial applications
Practical applications of embedded financing include deferred payment options embedded directly into checkout or billing processes. Fuel retailer WOG and eDilo have introduced deferred payment capabilities specifically for corporate customers buying fuel.
Oleg Kushil, director of the Digital Transformation Directorate at WOG, explained that deferred payment options now appear in the WOG corporate user portal alongside credit card and IBAN payment methods. He said clients can immediately view their credit limits, purchase fuel whenever required for operational needs, and settle accounts according to their own schedules.
In another commercial deployment, retail giant Epicentr Business teamed up with eDilo to integrate installment payments into online procurement for companies and sole traders. The payment service is already utilised by client companies including Universum Clinic, UKLON, AUTONOVA-D, Mimibon, STV Group, and Franchise Group.
WOG operates one of Ukraine's largest nationwide fuel station networks, serving both consumer drivers and commercial fleets. Epicentr is Ukraine's dominant home improvement and retail chain. Among the business customers using the service, UKLON is Ukraine's leading ride-hailing and logistics platform, while Universum Clinic provides healthcare services.
Hybrid financing models and donor capital
Conference delegates also discussed hybrid financing models that combine private investment with donor funding to assist businesses facing difficulty securing standard bank loans. Activitis is currently collaborating with international humanitarian organisation Mercy Corps to develop a joint financing framework under this model.
Mercy Corps is a global non-governmental organisation that provides economic development assistance and humanitarian relief in conflict zones. The initiative builds on previous digital financing rollouts in Ukraine, including eDilo's launch of business installment payments for Epicentr corporate clients in June, and Activitis's prior integration of eDilo for Glovo delivery partners.
