Fintech startup Fairo received €2 million in investment: money will help avoid dismissal of dozens of specialists

International fintech startup Fairo has attracted €2 million in investment from current investor Raiffeisen Bank International. Because of the war in the company, dozens of people could be cut, but the investment will help save jobs for them, Dow told Fairo.

Fairo has offices in Austria, the Czech Republic, and Romania. The Ukrainian representative office in Kiev has about 30 people.

"At the beginning of the war, the situation was difficult. In our case, we were talking about the possible reduction of dozens of people. Before the investment decision, we saved work for everyone by reallocating tasks: we attracted the Ukrainian team to work in the Romanian office, but at the same time we continued to support the full — fledged work of the Ukrainian Fairo and our clients," says DOU Andrey Gidulyan, executive director of Fairo.

Already during the war, the startup received €2 million in investment from its current investor Raiffeisen Bank International. According to Gidulyan, now this money will be used to save current employees and customers. It was possible to get funds, in particular, thanks to the stabilization of market indicators and figures confirming the development of the IT industry in Ukraine.

Despite the investment, Fairo does not plan to expand its team in Ukraine yet, although the global office continues to hire people.

The startup plans to scale to Central and Eastern Europe over the next five years. The team will also develop an existing product.

"We are currently focusing on improving our core non — banking services: invoicing, accounting, and tax reporting," the executive director said.

Fairo is an application designed to automate accounting and taxes and is aimed primarily at Group 3 sole proprietors. You can use it to issue invoices, track your income, and use pre-filled tax reports.

The service was created in 2020 with the support of Raiffeisen Bank International.