Amsterdam-headquartered FINOM, a company that provides financial solutions for entrepreneurs, the self-employed, and freelancers, announced on Tuesday that it has continued its European expansion with its official launch in the Netherlands.
This launch is another step in the company’s ambitious expansion strategy. Prior to this, FINOM recently expanded into the UK. It also claims to have become the fastest-growing financial services app for professionals and SMEs in Germany.
Jos van de Kerkhof, Country Manager Visa Netherlands, says, “For entrepreneurs, self-employed persons and SMEs it is of great importance to have full control over their finances. This is especially important with the current inflation levels to have financial affairs in order. That is precisely why we are enthusiastic about our collaboration with FINOM. Together we are working on ways to give these business customers convenient, digital and secure means of payment that enable them to thrive under all circumstances.”
Expansion in the Netherlands
In the Netherlands, FINOM has been operating since day one. De Nederlandsche Bank (DNB) gave the company an electronic money licence in November 2021. However, FINOM chose to start into other European countries in search of an ideal local banking partner to collaborate with.
In order to enter the Dutch market and focus on delivering “best-in-class” onboarding and client services, FINOM has activated its e-money licence there. Unlike other fintech companies, FINOM has developed its own core and ledger and has complete control over its business operations.
Sergey Petrov, co-founder and CEO of FINOM, says, “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 and we can freely expand into all EU markets using our own infrastructure. We are excited to be able to bring our online financial service to SMEs and professionals in the Netherlands. We are not just building a pan-European business, but a business that helps other businesses to thrive. And we are proud to do that from our native Netherlands,” adds Petrov.
After beginning with larger nations like France and Germany, FINOM aims to gradually demonstrate its viability and presence throughout Europe. By the end of 2022, the company says it will expand its product offering in Italy, and by the end of 2023, it will be available in Poland, Spain, Austria, Portugal, and Belgium.
Founded in 2019 by Iakov Novikov and Konstantin Stiskin, FINOM combines digital business account benefits with multiple services to provide financial solutions. It pulls together accounting, financial management, and banking functions for early-stage businesses and SMEs into one mobile-first product.
On the payments side, FINOM currently works with Solarisbank in Germany and with Treezor in France, where it launched its full product offering in Q4 2020. Also in the same year, the company raised €16.8M in funding led by Target Global (Germany) and General Catalyst (US).
Currently, the company provides its financial services in France, Germany, Italy, and the Netherlands, and has a team of 150 full-time staff.