This move introduces local IBANs and integrated e-invoicing capabilities aimed at automating reconciliation processes. Following a successful launch in France, this expansion marks a step forward in FINOM's plans to simplify financial management for small businesses across Europe. The Italian market, with its significant base of over 5 million SMEs, faces complex bureaucratic challenges according to the official press release. According to the Doing Business report in 2020, Italy lags behind the EU average in ease of doing business, particularly in areas that are important for SME financial operations such as contract enforcement and tax compliance.
FINOM's platform integrates e-invoicing with business banking features, offering automated reconciliation. In essence, by leveraging its Electronic Money Institution (EMI) licence obtained in the Netherlands, FINOM aims to cater directly to Italian entrepreneurs and SMEs with a comprehensive financial management tool.
Previously focusing on e-invoicing in Italy, FINOM has expanded its suite of services across several European countries, supported by its EMI licence. Following this launch, Italian customers will gain access to business accounts, local IBANs within 24 hours, competitive cashback programmes, physical and virtual cards, and robust expense management tools. The platform's user-friendly interface, backed by a proprietary core banking system, has attracted multiple customers across Germany, France, Spain, the Netherlands, and now Italy.
Headquartered in the Netherlands, FINOM offers digital financial services designed to meet the needs of European entrepreneurs and SMEs, facilitated by its EMI licence operational across Europe.
In February 2024, FINOM announced that it raised EUR 50 million in a Series B equity funding round. According to the official press release, the funds aimed to solidify the company's position in the industry, while also further underlining the demand for small and medium-sized business (SME) financial services in a market dominated by large banks.
The Series B funding round was co-led by Northzone and existing investor General Catalyst, with participation from Target Global, Cogito Capital, Entrée Capital, FJLabs, and S16vc. The investment supported FINOM in its development strategy, as it planned to target the entire Eurozone by 2025.
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