FINOM, a financial management platform aimed at SMEs, has continued its European expansion efforts, with its launch in the Netherlands.
To launch in the Dutch market, FINOM has activated its e-money license in the Netherlands to focus on delivering the best-in-class onboarding and customer services.
FIMON is headquartered in Amsterdam and has been present in the Netherlands since the start. However, with a mission to find the best banking partner to work with, the FinTech company opted to acquire an electronic money license from De Nederlandsche Bank (DNB). Whilst waiting for this, it launched into other markets first, including Germany and the UK.
Founded in 2019, FINOM aims to simplify financial operations for SMEs, freelancers and entrepreneurs, through a simplified financial management and invoicing platform.
The company boasts one of its most unique traits is that it has complete autonomy over its operations and developed its own core and ledger.
Its B2B platform offers a plethora of financial tools, including e-invoicing, transactions within SEPA and digital wallets.
FINOM co-founder and CEO Sergey Petrov said, “In Europe, where SMEs and freelancers need to pay high taxes, tackle bureaucracy and deal with the inconveniences of paperwork and red tape processes that accompany business administration, there is strong market demand for an integrated solution to streamline financial management.
“With a deep recession lurking across Europe, it is prudent to leave nothing to chance. Today we are entering the Dutch market, our home base. When founding FINOM in 2019, we made the strategic decision to start our local business once we had our own electronic-money license, which we acquired last year, after just 14 months. Now we can freely expand into all EU markets using our own infrastructure, from our home market.”
FINOM has had a busy year. It recently acquired Kapaga, a cross-border payments service for SMEs, for an eight-figure sum. This deal was pitched to help FINOM bolster its financial services offering and support its expansion efforts across Europe and the UK.
Another major development was a partnership with financial crime prevention firm Resistant AI. Through the agreement, Resistant AI has deployed its technology to enhance FINOM’s transaction monitoring system to provide context and uncover any anomalous behaviour.
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