Ivan Kovalenko is co-founder and chief executive of HES FinTech, the Vilnius company whose LoanBox platform and GiniMachine scoring software help banks and alternative lenders launch credit products in more than 30 countries.
Starting In Lithuania
Kovalenko and Dmitry Dolgorukov started HES FinTech in Lithuania in 2012, with the idea of closing the gap between old lending systems and software a bank could launch in months. Their first major international client was ID Finance, the consumer lender behind MoneyMan. They have not taken outside capital. The company remains founder-owned, with approximately 45 staff.
In 2016 they launched GiniMachine, an AI platform that builds credit scoring models from a lender’s own loan history. Kovalenko is also recorded as a founder of GiniMachine as a separate company. The scoring product is now part of the same stack as HES LoanBox, which covers onboarding, underwriting, servicing, and reporting with a three- to four-month launch.
A Global Book Of Work
The company has completed 160 projects. Its clients include Wa’ed, the venture arm of Aramco, which uses HES software for SME lending; Idea Bank in Poland, which cut point-of-sale loan processing time fivefold; and lenders in Vietnam, Mongolia, and Spain. He has argued that packaged software lets a lender try new products quickly, and that AI scoring changes the work of credit teams.
In 2026 the company added HES Collection Agent, an AI system for debt collection strategies. The through-line of his work is practical: give a lender a complete system, train the models on that lender’s own data, and keep the company independent enough to stay close to the work.
