Ukrainian AI fintech startup chooses Doha as base after securing Qatari backing

GRO, a Ukrainian-founded artificial intelligence fintech startup, has chosen Doha as its new base after securing backing from GrowthX Capital, a newly launched Qatari venture fund. The company — founded by Mariia Shevchenko alongside Ukrainian and German co-founders — announced plans to relocate its headquarters to Qatar as it scales across the Middle East. The investment was revealed at a launch event for GrowthX Capital, which its founder, Snoonu CEO Hamad Al-Hajri, said will deploy QAR 500 million (€119 million) into startups over the next five years.

"We came here, met investors and started building relationships," Shevchenko said, underscoring the role of Web Summit Qatar as the initial meeting point between GRO and local backers. Shevchenko added that she plans to relocate to Qatar full-time as the company enters its next phase of growth.

GRO is developing an AI-powered financial assistant designed to help users manage spending, make financial decisions and improve financial literacy while keeping personal financial data private. The platform targets adults and families and is developing parental-control features. On privacy, Shevchenko emphasised the company's approach: "It needs to be private for your finances. We are working hard on an architecture that makes it a closed system."

Product focus and technical strengths

• AI financial assistant for personal and family finance management.
• Parental-control features under development to support family users.
• Privacy-first architecture with contributions from the company’s German team, noted for expertise in privacy and parental-control systems.

The decision to base GRO in Doha traces back to interactions at Web Summit Qatar, where the founders connected with investors and began building relationships that culminated in GrowthX Capital’s support. The fund’s launch event was held at Qatar Chamber and attended by notable figures including Qatar Financial Centre CEO Mansoor Rashid Al-Khater and Dr Olga Rivina, co-founder and chairperson of the Ukrainian Business Forum in Qatar.

Hamad Al-Hajri described GRO as having the potential to become a future "unicorn" — a startup valued at more than $1 billion (€866 million). The QAR 500 million commitment from GrowthX Capital is targeted at attracting international founders to Qatar and supporting their regional expansion over the coming five years.

Context and reactions

• Ukraine’s ambassador to Qatar, Andrii Kuzmenko, welcomed the investment, calling it a sign of growing business ties between the two countries.
• GRO’s mixed Ukrainian and German founding team is being positioned to leverage regional market opportunities while maintaining strong privacy and product-development practices.

Outlook: With its announced move to Doha and direct backing from GrowthX Capital, GRO is positioned to accelerate product development and market entry across the Middle East. The combination of local capital, a relocation of leadership, and a stated focus on privacy and family-oriented features sets the company on a path to scale — and, according to Al-Hajri, possibly achieve unicorn status in the years ahead.