FINOM launched its first credit line

Following this announcement, the launch aims to accelerate the company’s development journey as it continues to build a comprehensive and secure financial ecosystem for European entrepreneurs. 

In addition, the new on-demand funding program will tackle multiple difficulties that small businesses and freelancers face in the process of securing an investment. FINOM will continue to focus on meeting the needs, preferences, and demands of clients and users in an ever-evolving market, while prioritising the process of remaining compliant with the regulatory requirements and laws of the industry as well. 

More information on the announcement

According to the official press release, the company aims to deliver its proprietary scoring engine that incorporates multiple data sources in order to include customers’ transaction history and digital footprint, with their consent. This process was improved with the use of machine learning capabilities in order to train credit scoring and decision-making models, making the process of automating credit decisions and delivering responses to borrowers quicker and more securely. 

The initiative will provide credit lines ranging from EUR 2.000 to EUR 50.000, six-month repayment schedules, flexible repayment options with no penalties for early repayments, and efficient application processes integrated within the FINOM platform. 

The company will launch the products in the Netherlands, as its EMI license allows it to deliver credit programs while also maintaining regulatory and ethical standards in all processes and suite of solutions. In addition, FINOM aims to roll out the service in its key markets to more customers by the end of 2025. By bringing together banking services, payment processing, invoicing, expense management, and now credit solutions within a single platform, FINOM will focus on providing entrepreneurs with the possibility to spend less time on financial administration and more time focusing on developing their business.