For several years, the phenomenon of neo-banks has been gaining momentum. They allow you to independently manage your bank account, track your expenses and transactions or even your transfers. According to Pitchbook, these online banks will exceed 145 million customers in Europe and North America by 2024. Initially intended for individuals, neo-banks are gradually opening up to professionals, such as Finom. The Dutch fintech, founded by Andrey Petrov, Oleg Laguta, Konstantin Stiskin and Yakov Novikov, was born in 2019. The four founders created the company to simplify the daily life of those who provide a large part of the economy of the Europe: small and medium-sized enterprises (SMEs). The service is also aimed at freelancers and freelancers.
Facilitate the daily life of freelancers, independents and SMEs
The objective of Finom is to allow SMEs and entrepreneurs to quickly accomplish non-value added tasks in order to focus on their core business.
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For this, Finom offers a multitude of services, starting with the creation and management of a professional current account.
On the platform, there are certain services common to traditional banks, such as payments, receipt and transfer of money, withdrawals or the possibility of having a virtual debit card as well as a physical one.
For SMEs, Finom offers a card with an advanced expense management solution: each employee is assigned one, on which it is possible to customize card limits and expense policies. The manager of the company is notified when an expense is made, and is even sent the receipt via the application or the site. In this way, he keeps visibility on the different transactions.
It should therefore be said that each service is intelligently designed: it only takes a minute to create your account, a glance to check your balance and a click to consult your expenses and those of your teams. .
Simply manage your accounts
Finom also aims to help entrepreneurs and SMEs to easily manage their accounts and regain control of their cash flow. For this, the platform offers several services, including a billing feature. It offers the possibility of creating an invoice quickly, and of sending it directly to its customer by e-mail or via WhatsApp and Facebook. To avoid unpaid bills, Finom allows you to create automatic payment reminders that are sent directly to customers. They can then pay the bill in one click using the link on each document.
From the Finom interface, the user then accesses all the transactions in progress on his various bank accounts. Each invoice is automatically reconciled with payments made by bank transfer in order to avoid accounting errors. Financial management is thus optimized, saving time and money.
Importantly, all data transfers made on the platform are end-to-end encrypted via TLS encrypted channels. Online banking credentials are also encrypted and can only be accessed with one-time passwords. This means that Finom does not have access to it.
The services offered by Finom aim to be affordable for everyone. For this reason, the company presents four different packages, including one without subscription for freelancers. For some offers, customers are rewarded with cashback on transactions made with Finom cards.
It should therefore be said that the platform allows you to automate certain tasks and not to be overwhelmed by the management of your finances. In this way, each SME, freelance or self-employed can devote themselves to more strategic activities.