After securing €50M, Amsterdam-based FINOM launches local IBAN for business accounts in Spain

Amsterdam-based FINOM, a digital banking solution for SMEs and entrepreneurs, on Wednesday announced the launch of local IBAN accounts in Spain.

With this move, Spanish businesses and entrepreneurs can experience enhanced financial services, including faster transactions, improved integration with local payment systems, and streamlined banking operations.

Additionally, FINOM issues free virtual and physical business cards powered by VISA, providing Spanish SMEs with a comprehensive suite of financial tools to manage their expenses efficiently and securely.

The announcement comes after the company successfully launched local IBAN accounts in France and Italy to simplify financial management for small and medium-sized businesses across Europe.

Launching local IBAN accounts for Spain complements the company’s existing offerings of banking services, competitive FX rates, and robust account payables and receivables capabilities. 

Since its launch in Spain in March, the company has established a local office in Barcelona and significantly expanded its team to serve the Spanish market better.

FINOM has hired 79 new employees for its Spanish operations in a notable boost to its operations, constituting approximately 20% of its total workforce.

This investment in local talent and infrastructure underscores FINOM’s commitment to understanding and meeting the unique needs of Spanish businesses.

“Our commitment to Spanish entrepreneurs and businesses guides our steps in empowering SMEs with the financial tools they need to thrive,” says Victor M. Sanz Nuñez, Head of FINOM in Spain and MLRO. 

“This dedication also helps us recognise that Spanish businesses have unique needs and preferences that require tailored financial solutions to manage their finances efficiently and focus on growing their businesses,” adds Sanz Nuñez. 

Earlier this year, FINOM raised €50M in a Series B round of funding led by General Catalyst and Northzone.

FINOM: Digital banking solution for SMEs and Entrepreneurs

In 2020, fintech veterans Andrey Petrov, Kos Stiskin, Oleg Laguta, and Yakov Novikov co-founded FINOM. FINOM’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.

At present, the company serves more than 85,000 customers across Germany, France, Spain, the Netherlands, and Italy. It is expected to offer coverage across the entire Eurozone by 2025.