This Week in FinTech Ukraine: Dutch Tech Entrepreneurs Join Humanitarian Effort; Latvia-Based Companies Form ‘Entrepreneurs for Peace’

This week in FinTech Ukraine, Dutch entrepreneurs form the People for People Foundation, which is offering Ukrainian refugees shelter and no-cost digital bank accounts. Also, the Ukrainian government has introduced a cryptocurrency donation website.

People for People Foundation

A trio of Dutch tech entrepreneurs have joined the humanitarian effort in Ukraine. Ali Niknam of bunq, Joris Beckers from Picnic and Robert Vis at MessageBird established a foundation to shelter refugees fleeing the war in Ukraine. The People for People Foundation was founded last month after Niknam said he received many responses to his LinkedIn message that he posted in February.

The charity pledges to help refugees from Ukraine and Russia. The foundation said it is equipped to temporarily accommodate refugees in hotels and apartments in Bulgaria and Georgia. In addition, People for People is working to get them into the Netherlands on a work visa.

The People for People Foundation also announced that it will give Ukrainian refugees access to no-cost bank accounts, the group announced. More than 800,000 civilians have fled Ukraine to seek shelter from the war. The foundation discovered these refugees need a way to make secure payments outside Ukraine.

To enable them to continue to have access to their money and to be able to spend it safely, the foundation will supply Ukrainian passport holders with a free temporary bank account. Those affected get a European bank account number and will be able to make payments using a virtual card.

Latvian Assistance

To assist Ukraine’s fight against Russia’s aggression, a group of Latvian companies has formed Entrepreneurs for Peace, according to Eng.Lsm.Iv., a Latvian news source.

The large-scale fundraising effort pledged to raise 5 million euros ($5.5 million). The private sector can join forces to support values that Latvia holds dear, the report said, which includes freedom, democracy and the possibility to plan for a safe future.

Mobile Fund Distribution

Paynetics and Phyre have stepped up to offer charitable organizations a free mobile payment app to deliver funds to Ukrainian refugees, FFNews.com reported. The solution to support Ukrainian refugees is available on the MyPaynetics app.

As nonprofits and governments raise cash to support those affected in Ukraine, they have found it difficult to get the funds to those displaced by the war. While many Ukrainian refugees lack access to their bank accounts, the two companies are offering a mobile app for quick delivery and use of funds via ApplePay and GooglePay.

Cryptocurrency Donations

The Ukrainian government has introduced a cryptocurrency donations website, CoinDesk.com reported. Aid for Ukraine, backed by FTX, the cryptocurrency exchange, Everstake, the staking platform, and Ukraine’s Kuna exchange, pledged to route donated cryptocurrency to the National Bank of Ukraine.

So far, the country has raised $48 million in bitcoin, ether, tether and other cryptocurrencies, according to the website. Other estimates put the amount at $100 million, as totals vary with market swings and which websites are included.

Online Fundraising

FinTech charity Pennies has shifted its fundraising to the crisis in Ukraine. The United Kingdom-based company announced it is working with a dozen retailers and hospitality companies to enable consumer micro-donations in support of humanitarian charity appeals.

This has the potential to quickly raise hundreds of thousands of dollars for charities providing support in aid of the escalating and largest refugee crisis since World War II.