As Ukraine banks on its young tech startups, Western banks are cutting them off

Mercury is a U.S.-based fintech firm that provides banking services, specifically focusing on the startup market. It was a go-to for many firms with Ukrainian founders based both inside Ukraine and abroad. At the end of July, many of those firms were unceremoniously debanked.

According to Mercury, the decision to cut off services to Ukraine was a response to U.S. sanctions on Russian-occupied parts of Ukraine. Ukrainian founders were shocked at the move by a firm that had once wooed them with their Ukraine-specific service offerings.

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Photo: Mercury Bank /Instagram