PwC Ukraine advises NovaPay on its expansion into European markets
16/05/23
Nova Post is an international group of companies, which includes the Ukrainian logistics operator Nova Post, the financial service NovaPay, the international logistics business Nova Global, the airline Supernova Airlines, as well as a number of European representative offices. Nova Post is the leader in delivery in the country and the first Ukrainian company to enter the European market during the war. Nova Post offices are currently operating in Poland, Lithuania, and Moldova, and are expected to open in the Czech Republic, Germany and Romania within the next few months.
According to Volodymyr Popereshnyuk, co-founder of Nova Post, the company is going to invest EUR 10 mln by 2025, establishing 200 operating centers in 30 countries. This is one of the largest (likely the largest) ever seen expansion of a Ukrainian-based business into the global economy.
NovaPay is an international finance service owned by Nova Post. It provides Nova Post customers with convenient and reliable online and offline payment services, as well as developing its own products and services. As part of the expansion project, NovaPay will act as a payment agent in relationships between customers (individuals and legal entities) and Nova Post in the respective countries. Currently the company is in the process of obtaining all necessary licenses to provide financial services.
PwC Ukraine is proud to be chosen by NovaPay as tax and legal advisor in its global expansion. Our team provides comprehensive tax and legal support, and advises on all regulatory issues related to entering new markets, including the provision of banking and payment services and the obtaining of licenses and permissions.
Oleksiy Katasonov, Partner, Tax, Legal and People Leader for PwC Ukraine, comments:
“With the challenges that businesses are facing due to the full-scale war in Ukraine, our clients continue to do everything possible to support the country. One line of action is expansion of business activities to new countries to further increase the businesses’ foot-print in the region and create more opportunities. Now is an extremely difficult but still right time to prepare for the longer term recovery: to address existing and potential challenges and to cope with negative consequences for business.
We are convinced that Ukrainian businesses have sufficient resilience, experience and qualifications, as well as creative approaches and innovative solutions to successfully explore foreign markets. These steps result in mutual benefits both for Ukrainian businesses and for foreign consumers. To successfully compete at European level, Ukrainian businesses have to look for non-standard approaches and offer exceptional products and services in order to stand out. This ties perfectly with what we, at PwC, believe to be an add value professional service. A fresh wave of new businesses from Ukraine will bring more investments, more innovations and thus more benefits for all parties”.
Igor Prykhodko, CFO at NovaPay, сomments:
“We had previously planned to expand our business to Europe, but the full-scale war and the millions of Ukrainians that were forced to flee their homes accelerated this process. Our primary goal is to help millions of Ukrainians and to connect them with the Homeland and their families. Later, we want to offer the European market the highest level not only of logistics, but also of payment services. European customers will benefit from Nova Post group’s competitive advantages - fast, easy, safe delivery and fully digitalized payment process. In addition, for the convenience of all our international customers, we are developing a NovaPay mobile application that will work in all countries where the company operates. We are happy to share our highest standards and innovative services with the EU”.
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Managing Partner, Attorneys Association "PwC Legal in Ukraine"
Tel: +380 44 354 0404
