Artem Lyashanov: Fintech in Times of Crisis. Why Turbulence Is Not a Threat but a Springboard
Artem Lyashanov, fintech entrepreneur, investor, and expert in transactional business
When the world plunged into the global financial crisis of 2008, most businesses were fighting for survival. Yet that same period gave birth to Airbnb, Uber, Instagram, WhatsApp, and other global tech giants.
When the COVID-19 pandemic hit in 2020, the fintech industry didn’t just survive – it accelerated.
And when Russia’s full-scale invasion in February 2022 threatened the very existence of Ukraine’s economy, local fintech companies didn’t shut down. They adapted – and kept innovating, even to the sound of air raid sirens.
The paradox of fintech is that its biggest breakthroughs often happen in times of chaos.
After more than a decade in the industry, I’m convinced: opportunities open up for those who look for them.
Here’s how.
The Darwinian Principle of Survival
Darwin’s theory of evolution applies not only to biology; it works in business, too. The one who survives is not the fastest, the bravest, or even the smartest, but the one who adapts the quickest. Just look at turtles and crocodiles – they’re also ancient creatures, yet they survived because they learned how to adapt.
If a company is heavy, slow, and rigid – which often applies not to startups but to well-established ongoing businesses, and if adaptability isn’t part of its culture or DNA, then a crisis becomes its downfall.
For fintech startups, however, crises are moments of opportunity. Fintech isn’t tied to geography; it can pivot almost instantly: servers reconfigured, language updated, policies adjusted – and it’s back in the game.
Another key advantage of startups is the team mindset. Their readiness for new challenges is much higher. These are not people who work “from nine to five” – they work “from now until it’s done.” They thrive on challenges, and a crisis is a challenge.
Crisis as a Source of Opportunity
Currency Fluctuations
One of the clearest examples of turning crisis into profit is online currency exchange platforms. They make money on every rate swing – up or down. For them, it doesn’t matter what the rate is – the more it fluctuates, the better their business does.
Technological Agility as a Competitive Advantage
Netflix invested in streaming during the 2007–2009 recession, when competitors were cutting costs. Amazon launched AWS and Kindle in the middle of the financial crisis. Block (formerly Square) was building payment infrastructure for small businesses while traditional banks were pulling back on lending.
These companies understood one thing: when the market clears out weak players, more opportunities open up for the strong ones. Crises don’t create new niches; they free existing ones from inefficient competitors.
Shifts in Consumer Behavior
During crises, people are forced to look for new solutions. Conservatism disappears when old habits stop working. Venmo, Pinterest, and WhatsApp all used times of crisis to scale – offering solutions that, in stable times, might have taken years to gain traction due to user inertia.
The Ukrainian Case: War as a Catalyst for Innovation
If we follow the logic that crisis equals opportunity, then Ukraine is now living through its greatest crisis – and therefore, its greatest moment of opportunity.
Ukrainian fintechs have proven their resilience under conditions no one could have imagined. When infrastructure was destroyed, digital platforms kept running. When millions became internally displaced, mobile banking became essential for financial access.
Most importantly, entirely new types of fintech innovation have emerged — for example, in humanitarian finance, where Ukraine became one of the first countries to accept crypto donations at scale.
So what should fintech startups with limited resources do in times of crisis? Survive. Either by finding new resources or by relying on what they already have and using it as efficiently as possible.
This rule applies at all times: resources must be used wisely, whether your money is in a bank, under your pillow, or in a piggy bank.
It’s also crucial to make decisions based on data. A CEO or COO should operate like a nuclear plant controller – someone who clearly understands and manages every process. To do that, they need one thing: accurate, up-to-date statistics: hard numbers and metrics.
Global Perspective: A New Economic Reality
Today, to stay in the same place, you have to keep walking, and to move even slightly forward, you have to run. We’re witnessing a major economic shift as the East and West try to rebuild their relationships. If they succeed, we’ll see yet another wave of transformation. And those who managed to adapt over the past few years may soon need to pivot again in a completely new direction.
You can’t make it through a crisis with people who fear challenges. But with the right team – one that sees uncertainty as opportunity, not threat – a crisis stops being an obstacle and becomes a springboard.
In fintech, the winners are those who adapt the fastest. Not the biggest, not the richest, not even the smartest – but those who can react quickly to change and spot opportunities where others see only problems.
