This move aims to offer customised financial services to more French small and medium-sized businesses. The expansion represents a significant step forward for FINOM, which obtained its Electronic Money Institution (EMI) license in the Netherlands in 2021.
Previously, FINOM served the French market through a trusted partner. Now, leveraging its EMI license, the company will directly provide French entrepreneurs with local IBAN accounts, facilitating seamless business transactions within the country. French customers will benefit from an improved onboarding process, personalised data analysis, competitive FX rates, Swift payments, and access to FINOM's suite of tools including accounts payable, accounts receivable, and expense management.
In the official press release, representatives from FINOM emphasised the company's commitment to simplifying the lives of European entrepreneurs and addressing the specific needs of each market. The company plans to continue investing in its payment infrastructure to support local business growth.
Since its establishment in 2020, FINOM has emerged as an important financial platform for SMEs and entrepreneurs in Europe, serving over 100,000 customers across Germany, France, Spain, the Netherlands, and Italy. With its proprietary core banking system, FINOM offers a variety of products and services, and it aims to extend the coverage of these services to the entire Eurozone by 2025.
The introduction of local IBAN accounts in France follows FINOM's successful EUR 50 million Series B funding round in February 2024. This funding has enabled the company to improve its products, expand marketing initiatives, and strengthen accounting services to better meet the evolving needs of SMEs across Europe.
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