FinTech platform FINOM expands into Netherlands

By Gloria Methri

FINOM, the financial management platform for SMEs and freelancers has announced its launch in the Netherlands. The recent milestone marks the company’s continued expansion into Europe, having recently launched in the UK and becoming one of the fastest-growing financial services apps in Germany.

For its launch within the Dutch market, FINOM has activated its E-money license in the Netherlands to focus on delivering onboarding and customer services.

Headquartered in Amsterdam, FINOM has been present in the Netherlands from day one. However, in its quest for a local banking partner, the company acquired an e-money license from De Nederlandsche Bank (DNB) in 2021, instead of launching into other European markets first.

“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,” said Sergey Petrov, Co-founder, and CEO of FINOM payments B.V. 

“We are excited to be able to bring our online financial service to SMEs and professionals working 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.”

Founded in 2019, FINOM has been on a mission to simplify financial operations for entrepreneurs, freelancers, and SMEs by unifying finance management and e-invoicing services, and payment options such as SEPA and SWIFT, together in one dashboard.

FINOM has also partnered with VISA and Klarna to respectively provide virtual and physical VISA debit cards and facilitate multi-banking.

“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,” said Jos van de Kerkhof, Country Manager Visa Netherlands.

Having started with bigger countries such as France and Germany, FINOM now seeks to gradually showcase its practicality and presence across Europe, expanding its product offering in Italy by the end of 2022, while launching in five more markets by the end of 2023, including Poland, Spain, Austria, Portugal, and Belgium.