Dutch Fintech FINOM acquires Kapaga for expansion into UK
By Gloria Methri
FINOM, the digital financial services platform for SMEs and freelancers, has acquired Kapaga, a UK-based cross-border payment service facilitating international trade for small and medium enterprises.
The acquisition is expected to boost FINOM’s financial services for SMEs and bolster its expansion in the UK and Europe.
FINOM has developed a mobile-first platform, blending a wide range of high-quality financial management products into a holistic back-office solution for entrepreneurs and freelancers. The suite of features available includes e-invoicing, transactions within the Single Euro Payments Area (SEPA), and digital wallets.
Kapaga’s cloud architecture offers companies transparency and efficiency in streamlining cross-border payments, allowing them to send and bill money to 190+ countries in numerous currencies via a single and secure application process.
The merger will unify these separate payment services to provide custom solutions to solo freelancers, mid-sized businesses, and corporate clients across Europe and UK.
Kos Stiskin, Co-Founder of FINOM, said, “Entrepreneurs and freelancers are the backbone of the European economy, producing $8 trillion of value annually, but costly and time-intensive bureaucracy means they cannot run their business as efficiently as possible.”
Katya Dorofejeva, Founder and CEO of Kapaga, added, “Joining forces with FINOM enables us to explore a unique and growing product. Entrepreneurs and freelancers are facing a plethora of challenges in setting up tactile business accounts that serve their needs. There is currently no continental FinTech player that equally serves the UK and Europe in specifically targeting SMEs – until now! This merger solidifies two companies’ pursuits of providing tailored payment services for the entire continent.”
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