Finmo launches multi-currency business account for cross-border SMEs

By Divya Shah

Why it matters: Finmo combines treasury visibility with licensed payment execution, helping international SMEs manage currencies, cash positions and cross-border transactions through one platform.

Finmo, a treasury operating system provider for global businesses, has launched the Finmo Business Account, a multi-currency account designed for small and medium-sized enterprises (SMEs) operating across borders. 

The account gives businesses local account details in their own name, enabling them to collect payments in more than 45 currencies, hold funds in over 27 currencies, and make payments to more than 195 countries and territories. 

Finmo said it would provide collection, currency conversion and payment services directly through its own licences and payments partner network, rather than relying on another company’s platform to operate the account. 

The Business Account allows companies to receive payments in local currencies without automatically converting funds. Businesses can decide when to convert their balances, with fees and exchange rates displayed before each conversion or payment. The service also supports bulk payouts, bill payments and scheduled transfers. 

David Hanna, co-founder and CEO of Finmo, said, “Businesses have usually had to choose between a provider that moves their money and software that shows them where it is. Because Finmo holds the licences and partnerships to move money itself, the Business Account closes that gap. A company can see its position and act on it in one place, on the infrastructure we operate.” 

Hanna added, “With the business account, licensed money movement now sits inside a treasury platform, and that is central to where we are taking the company.” 

Additional features include transaction synchronisation with leading enterprise resource planning (ERP) and accounting platforms, unlimited team users and approval workflows for employees handling payments. Businesses can also access money market funds to put surplus cash to work. 

Finmo Treasury also provides a 13-week cash flow forecast and monitors balances to help businesses manage counterparty exposure, foreign exchange (FX) risk and minimum cash requirements. 

The Business Account operated on its own licensed infrastructure, supported by 11 licences and regulatory permissions across eight markets. These include a major payment institution licence from the Monetary Authority of Singapore. The company reported that businesses moved more than US$1 billion through its platform each month. 

The launch expanded Finmo’s offering by bringing multi-currency accounts and payment capabilities into its treasury platform, giving internationally active SMEs a single environment to monitor and manage their cash and execute transactions.