NovaPay Project Description: Corporate Bond Issuance
Based on the provided text and additional open-source data, the NovaPay project concerns the issuance of corporate bonds as an investment instrument for individuals and businesses. NovaPay is a non-bank financial company within the Nova group (including Nova Poshta). The company has operated since 2011 (nearly 13 years at the time of writing) and was the first non-bank institution in Ukraine to receive an expanded NBU license to open accounts and issue cards. The bond issuer is NovaPay Credit LLC (EDRPOU 40055034).
Issuance history
NovaPay became the first private company in Ukraine to issue corporate bonds with a public offering during the war (since 2023). Overall, the offerings are aimed at developing the company’s lending programs.
2023: Three issues (series A, B, C) of UAH 100 million each. Total volume — UAH 300 million.
2024: Six issues (series D, E, F, G, H, I). Series D–H at UAH 100 million each, series I — UAH 90 million. Total volume — UAH 590 million.
2025: Series J for UAH 100 million. The company plans a 12th issue (series L) for UAH 100 million to finance lending.
As of July 2025, bonds had been purchased by almost 6,000 clients for a total of over UAH 1.7 billion (up from UAH 1.3 billion in the provided text). In 1H 2025, NovaPay Credit’s profit increased by 52% year-over-year, and cash inflows from bond sales totaled UAH 355.63 million.
Bond terms
Type of security: Interest-bearing corporate bonds (unsecured).
Par value: UAH 1,000 per bond.
Issue size: Most series — 100,000 bonds (series I — 90,000 bonds).
Interest rate: Up to 19% p.a. (fixed at 19%). Yield depends on tenor: for example, in 2024 — 14% for 1 month, 17% for 12 months; in 2025 — up to 16.5% for 6–12 months (a decline in line with NBU key rate cuts).
Tenor: 1 to 12 months (investor-selectable).
Interest payment: At maturity together with principal (no monthly coupons).
Deal format: REPO (purchase with an obligation of repurchase at a fixed price), ensuring predictability.
Rating: uaAA by the Standard-Rating agency (among the highest for Ukrainian financial institutions, indicating high reliability and low risk). The rating was reaffirmed in 2025.
Taxes: NovaPay, acting as tax agent, withholds 18% personal income tax and 1.5% military levy. The investor must file an annual tax return declaring the income (which may be inconvenient for those unaccustomed to filing).
Purchase and redemption process
Purchase is available only to individuals via the NovaPay mobile app (downloadable from Google Play or the App Store). For investments over UAH 400,000, proof of funds (forms K5 or OK7) is required.
Register in the app (verification via Diia).
Choose “Savings” → “Bonds” → “Buy.”
Enter the amount (minimum UAH 1,000, maximum UAH 5 million) and the term.
Sign documents via Diia.Signature and pay.
After purchase: push notifications, display of projected income and maturity date. Funds are returned automatically to the NovaPay account with interest (no withdrawal fees up to UAH 50,000/month). Broker — Univer Capital (custody, no fees).
Full terms are provided in the issuance prospectuses on the issuer’s official website (novapay.ua). Paper prospectuses are available at: Kyiv, Stolychne Shose, 103, Building 1, 13th floor, Office 1304. Registration certificates range from No. 08/2/2023 (series A) to No. 05/2/2025-T (series J).
Advantages (as described by the project)
Reliability: High uaAA rating, oversight by the NSSMC (National Securities and Stock Market Commission).
High yield: Up to 19% p.a. (higher than bank deposits and government bonds for similar tenors).
Flexibility: Terms from 1 to 12 months.
Simplicity: Online purchase in minutes, no bank visit required.
Transparency: Income projection in the app, no hidden fees.
REPO format: Guaranteed repurchase.
Mobility: Everything in one app (information, documents, payouts).
Risks (as disclosed)
Yield is not guaranteed and may change due to market factors (war, inflation).
Issuer risk: NovaPay is a non-bank institution; there is no Deposit Guarantee Fund protection as with bank deposits.
Annual self-filing of taxes is required.
For large amounts, proof of funds is required.
Positive experiences and neutral feedback
24tv.ua. Anton and Kateryna Tkachenko (services sector) chose corporate bonds to preserve and grow savings and to support Ukraine’s economy. Ihor Senenko of Vinnytsia (experience with stocks and government bonds) notes that NovaPay has been a good diversification option and says he has no doubts about the company’s reliability. Kyiv resident Maryna Omelchenko values the ability to choose the term, yield level, and low entry threshold.
Minfin experiment. A journalist bought bonds via the app: registration through Diia; top-up is instant (R2P) or a few minutes via IBAN. Upon maturity, funds were automatically returned with interest, with no fees. Overall verdict — “simple, fast, transparent”; the broker Univer Capital caused no friction. At the time (May 2024), rates were roughly 14% for 1 month and 17% for 12 months (pre-tax).
YouTube (six-month user experience). The author calls NovaPay bonds “a reasonable alternative to deposits with a higher rate” (~13% net after taxes during his period), praises the convenient app, free SME account, free transfers, and Nova Poshta discounts. He views risk as moderate, citing the uaAA rating and NSSMC oversight.
X (formerly Twitter). Users share practical notes: “an alternative to deposits at ~17% p.a. minus taxes,” “a diversification tool,” “NovaPay offers up to ~16.5% p.a..” Some compare net yields with deposits and government bonds, noting the company’s bonds often pay more for shorter terms.
Articles and reviews (Forbes, Minfin, etc.). The prevailing theme is strong demand among retail investors: simple in-app onboarding, clear terms with no hidden fees, frequent issuances, broad buyer base.
Criticism and caveats
YouTube (“What’s wrong with NovaPay bonds?”). Main points: interest is paid only at maturity (no monthly coupons); annual tax declaration falls on the investor and may be unusual for the “average” user; access only through the app; no referral program. The author’s conclusion — the instrument is “not for everyone,” mainly due to tax paperwork and the payout format.
Forums (vidhuk.ua, minfin.com.ua). Some users complain about occasional fund blocks and lengthy/strict verification (especially for businesses or large sums), as well as “tough” fees in certain cases (mentions of 30% for closing an account upon rules violations — referring more to settlement products than the bonds themselves, but it shapes overall service perception). The tone is emotionally negative, focusing on compliance procedures.
DOU (employee reviews). Not about the bonds directly but touches on reputation: some employees describe toxic management, stress, lack of training; others praise growth opportunities and balance. For investors, this is more an indicator of corporate culture and potential organizational risks.
mixfin.com, rates.fm, etc. Mentions of phishing attempts (bad actors imitating the interface), delays in business-client verification, transaction limits, and blocks upon exceeding them. These are typical fintech compliance/cyber risks but remain important to consider.
X — transfer fees. Some note that top-ups from other banks (e.g., monobank) may incur a sender-bank fee (mentioned ~0.9%). Not a direct drawback of the bonds, but it affects net yield in some funding scenarios.
Summary of drawbacks
No monthly coupons (interest only at the end), required annual self-declaration (tax burden on the investor), non-bank status without DGF guarantees, proof of funds for large sums (over UAH 400,000). Yields also declined in 2025 along with the NBU key rate — investors should monitor updated terms.
Quick takeaway for investors
The combined feedback paints a balanced picture: a convenient, easy-to-understand instrument for retail investors, with competitive yields on short terms and a transparent in-app purchase/redemption process. The main “thorns” are tax routine (self-filing), lack of monthly coupons, and potential compliance/verification friction for large or atypical transactions. Reputationally, the project is perceived as relatively reliable for the conservative part of a portfolio, yet these remain corporate bonds in Ukraine during wartime — issuer and regulatory/systemic risks do not disappear. Before investing, read the current prospectus for the specific series and factor in taxes and any technical fees on entry/exit.
Project contact details
Issuer: NovaPay Credit LLC, EDRPOU 40055034
Official website: novapay.ua (section with issuance prospectuses)
Address for paper prospectuses: Kyiv, Stolychne Shose, 103, Building 1, 13th floor, Office 1304
App: NovaPay in the App Store and Google Play (purchase available to verified individuals)
Broker-custodian for transactions: Univer Capital