Amsterdam-based FINOM, a digital banking solution for SMEs and entrepreneurs, announced that it has issued its first credit line to a small business in the Netherlands.
This marks the company’s official entry into direct lending. The initiative is led by FINOM Growth, the company’s dedicated credit solutions division.
The announcement is a part of the Dutch company’s pilot on-demand funding program for small and medium-sized businesses.
The pilot program addresses a critical gap in the Dutch market, where small businesses and freelancers contribute 61 per cent of gross value added to the economy but face significant barriers to accessing credit.
“We’re addressing a critical gap in financing for entrepreneurs and freelancers while maintaining full control over the customer experience and credit quality,” says FINOM’s CEO, Andrew Petrov. “Entry into lending represents a significant step in our path to building a comprehensive financial ecosystem for European businesses”.
The announcement comes a few weeks after launching the AI Accounting Agent that streamlines financial management and automates accounting workflows for freelancers and small businesses.
What to expect?
The Dutch company’s on-demand funding includes:
- Credit lines ranging from €2,000 to €50K with six-month repayment schedules
- Decisions delivered within minutes through proprietary AI-powered credit assessment
- Flexible repayment options with no penalties for early repayment
- Simplified application process fully integrated within the FINOM platform
The initial pilot will be available to select existing FINOM customers who have been using the platform for at least three months. It will expand to more markets and new customers by the end of 2025.
While SME lending in the Netherlands does not require regulatory approval, FINOM maintains that its products and processes adhere to the highest regulatory and ethical standards.
The Netherlands pilot serves as a blueprint for FINOM’s broader European credit strategy.
FINOM: Digital banking solution for SMEs and Entrepreneurs
In 2020, fintech veterans Andrey Petrov, Kos Stiskin, Oleg Laguta, and Yakov Novikov co-founded FINOM. The company’s banking tools enable businesses to quickly open accounts, streamlining online banking, payment processing, invoicing, and expense management.
The company does it by developing its proprietary core banking system that powers its broad suite of products and services, including rapid account setup, online banking, payment processing, invoicing, FX, and expense management.
The company holds an Electronic Money Institution (EMI) licence operational across Europe.
The Dutch company’s mission is to build a full-stack financial operating system for entrepreneurs and SMEs.
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