AEQUO advised Raiffeisen Bank International and Creative Dock, Austria on legal issues related to development, launch and management of FAIRO, an all-in-one mobile app for freelancers and small and medium-sized business owners to control their business operations on the go. Currently available version provides users with invoicing and bookkeeping functions. Other essential services such as tax reporting will be available in September 2020. These will be combined with the most popular banking services by the end of the year.
FAIRO is an innovative service developed by Creative Dock and powered by Raiffeisen Bank International. The project will be launched in Central and Eastern Europe, the first market chosen is Ukraine, and will be a groundbreaking service in the region. FAIRO provides Ukrainian freelancers with essential business functions. Simple full digital onboarding, creating professional invoices with a few clicks, tracking the payments, automatic notifications about the invoice status, sending tax reports and adding the bank details into the ledger is available on the go in one intuitive app.
Due to complexity of the project AEQUO 's dedicated team was comprised of fintech, tax, IP and IT law experts led by Yulia Kyrpa, partner and head of fintech practice group. The team also included Denys Kulgavyi, of counsel, Bohdan Dmukhovskyi, counsel, Mykyta Polataiko, Head of IT practice group, Vasyl Mischenko, senior associate, Olesia Mashtaler, Anna Potapova, associates and Olga Reznytska, patent and trademark manager.
AEQUO advised the Clients on compliance of the app's features with Ukrainian financial, tax and data protection regulations, assisted with integration of third-party providers and banking functionality on FAIRO platform, participated in drafting and negotiating all underlying documentation with all parties involved and keeps providing legal assistance to release new services of FAIRO app.
"We are extremely happy to have assisted the Clients in the development and launch of this first-of-a-kind app in Ukraine designed to help entrepreneurs to easily manage their business, which is especially important in the middle of this pandemic time. I have no doubts that FAIRO will become popular among young Ukrainian entrepreneurs, who would save a lot of time on their daily administrative routine to focus on strategic goals and move the world forward", comments Yulia Kyrpa, partner and head of fintech in AEQUO.