Fintech-startup Highway, which specializes in the construction of a banking platform with built-in cloud infrastructure, received financing of $2,000,000. It allows banks to expand their digital capabilities and transform old systems. The Highway company, founded by Armenian entrepreneur David Baloyan, aims to enter a huge built-in financial market, which, according to investment finance expert Simon Torrens, will grow to 7.2 trillion dollars by 2030. Baloyan is an experienced bank manager specializing in digital banking, having previously successfully launched digital products in Armenia, including point-of-sale lending and the QR payment system. He was joined by four other Highway co-founders to make the company a major international player in the financial technology industry.

The Highway team is currently based in Armenia, where the company has focused its efforts on recruiting. By the end of 2022, the management plans to increase its team to 50 people, all of them will live in Armenia. Over the past 10 years, the IT sector in Armenia has shown unprecedented growth, recording an average annual growth of 23%. Over the past two years, more than 20 start-up companies in Armenia have together received 700 million dollars of investment. Armenian start-ups are exempt from taxes on business, and the income tax for employees is 10%. According to 2021 data, the total turnover of IT companies operating in Armenia exceeded 1 billion dollars. As of 2021, the industry employs 29,000 professionals.