The entire process was started 14 months ago and finalized in November - making it probably one of the fastest ever on the market.

FINOM is backed by General Catalyst, Target Global, Cogito Capital and Entree Capital. The company boasts impressive growth with over 3,000 new clients choosing its financial solutions every month in Q4 2021, operating across France, Germany, and Italy (currently only e-invoicing services are available in Italy).

The EMI license will enable FINOM to roll out across multiple European markets and launch a broader range of services to its clients. This includes issuing e-money and providing payment accounts, issuing debit cards, processing SEPA payments, as well as providing payment initiation and account information services. Most EU-based neobanks and fintechs do not have their own infrastructure which means they do not fully control their business development activities.

“There is huge untapped market potential in the European Union when we speak about financial services for SMEs”, declares Konstantin Stiskin, co-founder of FINOM. “We are talking about 24 million enterprises, with an estimated banking services market value of more than $200 billion. B2B fintechs currently cover less than 2% of that market. With the EMI license , FINOM will now be able to dramatically accelerate its growth and have better control over its processes and scalability. FINOM launched in beta version in November 2020 and in one year we have been able to build best-in-class products, establish processes to scale up our activities in multiple markets and reach a growth rate that has taken other fintech players several years. Acquiring our own license opens a new chapter in FINOM’s journey. Our next goal is to reach 100,000 clients in the EU as soon as possible”.

"We are very happy to see the Finom’s impressive progress. From the very beginning we invested in a team known for their exceptional abilities to execute. Obtaining the EMI license is further proof of great execution and well thought out management", Mike Lobanov, COO and General Partner at the international investment firm Target Global.

FINOM was founded at the end of 2019 in Amsterdam, and launched its full product offering in France and in Germany in Q4 2020. The platform is designed by entrepreneurs and freelancers to be a true partner to entrepreneurs and freelancers, blending together finance management, invoicing and banking.

On the payments side, FINOM currently works with Solarisbank in Germany and with Treezor in France. In 2020 FINOM raised €16.8M in investments (seed and pre Round A), led by Target Global (Germany) and General Catalyst (USA).

Last but not least, the EMI license and the planned international expansion means FINOM’s team is set to grow. In 2022 new recruits will join the company, doubling the size of the team to 250 people and creating new job opportunities in the Netherlands, France, Germany, and Italy.