Founded in 2019 with the vision of transforming financial management for small and medium-sized enterprises (SMEs) and freelancers, has quickly become a prominent fintech company. Its mission is to simplify and streamline financial operations, allowing businesses to manage their finances more efficiently and effectively.
In addition, Finom offers digital banking solutions that include multi-currency accounts, seamless money transfers, and integration with various payment systems. By consolidating these banking functions into a single platform, Finom ensures that businesses can handle their financial transactions with ease and convenience.
Another key aspect of Finom’s offerings is its invoicing and expense management tools. The platform enables users to create and send professional invoices, track expenses, and manage receipts effortlessly. This not only helps businesses maintain organized financial records but also significantly reduces the time and effort spent on administrative tasks.
In this review, we will dive deeper into the key features and benefits of Finom.
Overview
Finom is a financial technology (fintech) company dedicated to simplifying and streamlining financial operations for small and medium-sized enterprises (SMEs) and freelancers. Its primary objective is to provide efficient and effective financial management solutions that help these businesses thrive.
In order to provide businesses with a comprehensive understanding of their financial health, Finom offers robust financial insights and reporting capabilities. These tools include cash flow analysis, expense tracking, and detailed financial reports, empowering business owners to make informed decisions and optimize their financial strategies.
In addition to its core banking services, Finom also integrates seamlessly with popular accounting software such as QuickBooks and Xero. This ensures that financial data is synchronized and up-to-date across different platforms, facilitating accurate financial record-keeping and streamlined accounting processes.
Also, the Finom mobile app adds an extra layer of convenience, allowing users to access their financial information, manage transactions, and perform banking operations on the go. This flexibility is particularly beneficial for business owners and freelancers who need to manage their finances remotely.
Likewise, security is a top priority for Finom. The platform employs robust measures to protect user data and financial transactions, including encryption, secure authentication, and compliance with regulatory standards. This ensures that users’ financial information remains safe and secure.
Pros and Cons
Pros
- Very fast and excellent customer service
- Integration with various accounting platforms
- Up to 3% cashback available
- Several free physical and virtual cards available
- One-month free trial availability
Cons
- Fees might be a little expensive
Account Types
With Finom, your business plan will depend on your being:
- Freelancer – 3 plan options available
- Company – 4 plan options available
Freelancer
The Solo plan (€0/month) comes with:
- Only 1 user available
- No cashback available
- Accounting integrations
- No limit of companies added or connected banks for payments
- 99% guaranteed uptime SLA
- Invoice and receipt recognition and Credit notes available
- IBAN for global transfers
- Free physical VISA cards
- Card payment limit of €20,000 per month per card
- Free card payments in Euro and a 3% fee in foreign currency
- Up to €500 fee-free ATM withdrawals per day (maximum of 10 daily withdrawals with a €2 fee after)
- 3% fee for ATM withdrawals in foreign currency (non-Euro)
- €0.2 fee after 5 SEPA transfers and 0.1% for outgoing SEPA transfers (only after €25.000)
- From €1 to €5 fee for instant SEPA instant transfers
- Other fees and features may also apply
The Start plan (€9/month) comes with:
- One month free trial
- 2 users included
- Up to 2% cashback available
- Accounting integrations
- No limit of companies added or connected banks for payments
- Accountant access and premium features
- 99% guaranteed uptime SLA
- Invoice statuses tracking and API access
- IBAN for global transfers
- Free physical VISA cards
- Card payment limit of €20,000 per month per card
- Free card payments in Euro and a 2% fee in foreign currency
- Up to €1,500 fee-free ATM withdrawals per day (maximum of 10 daily withdrawals with a €2 fee after 5 withdrawals)
- 2% fee for ATM withdrawals in foreign currency (non-Euro)
- €0.2 fee after 100 SEPA transfers and 0.1% for outgoing SEPA transfers (only after €50.000)
- From €1 to €5 fee for instant SEPA instant transfers
- Other fees and features may also apply
The Premium plan (€28/month) comes with:
- One month free trial
- 5 users included
- Up to 3% cashback available
- Accounting integrations
- No limit of companies added or connected banks for payments
- Accountant access and premium features
- 99% guaranteed uptime SLA
- Invoice statuses tracking and API access
- IBAN for global transfers
- Free physical VISA cards
- Card payment limit of €20,000 per month per card
- Free card payments in Euro and a 1% fee in foreign currency
- Up to €2,500 fee-free ATM withdrawals per day (maximum of 10 daily withdrawals with a €2 fee after 10 withdrawals)
- 1% fee for ATM withdrawals in foreign currency (non-Euro)
- €0.2 fee after 200 SEPA transfers and 0.1% for outgoing SEPA transfers (only after €100.000)
- From €1 to €5 fee for instant SEPA instant transfers
- Other fees and features may also apply
Company
The Start plan (€9/month) comes with:
- One month free trial
- 2 users included
- Up to 2% cashback available
- Accounting integrations
- No limit of companies added or connected banks for payments
- Accountant access and premium features
- 99% guaranteed uptime SLA
- Invoice statuses tracking and API access
- IBAN for global transfers
- Free physical VISA cards
- Card payment limit of €50,000 per month per card
- Free card payments in Euro and a 2% fee in foreign currency
- Up to €1,500 fee-free ATM withdrawals per day (maximum of 10 daily withdrawals with a €2 fee after 5 withdrawals)
- 2% fee for ATM withdrawals in foreign currency (non-Euro)
- €0.2 fee after 100 SEPA transfers and 0.1% for outgoing SEPA transfers (only after €50.000)
- From €1 to €5 fee for instant SEPA instant transfers
- Other fees and features may also apply
The Premium plan (€28/month) comes with:
- One month free trial
- 5 users included
- Up to 3% cashback available
- Accounting integrations
- No limit of companies added or connected banks for payments
- Accountant access and premium features
- 99% guaranteed uptime SLA
- Invoice statuses tracking and API access
- IBAN for global transfers
- Free physical VISA cards
- Card payment limit of €50,000 per month per card
- Free card payments in Euro and a 1% fee in foreign currency
- Up to €2,500 fee-free ATM withdrawals per day (maximum of 10 daily withdrawals with a €2 fee after 10 withdrawals)
- 1% fee for ATM withdrawals in foreign currency (non-Euro)
- €0.2 fee after 200 SEPA transfers and 0.1% for outgoing SEPA transfers (only after €100.000)
- From €1 to €5 fee for instant SEPA instant transfers
- Other fees and features may also apply
The Corporate plan (€149/month) comes with:
- One month free trial
- 10 users included
- Unlimited cashback up to 0.5%
- Accounting integrations
- No limit of companies added or connected banks for payments
- Accountant access and premium features
- 99% guaranteed uptime SLA
- Invoice statuses tracking and API access
- IBAN for global transfers
- Free physical VISA cards
- Card payment limit of €100,000 per month per card
- Free card payments in Euro and a 1% fee in foreign currency
- Up to €2.000 fee-free ATM withdrawals per day (maximum of 10 daily withdrawals and a€10,000 montlhy free limit)
- 1% fee for ATM withdrawals in foreign currency (non-Euro)
- No fee for extra in/out SEPA transfers and 0.1% for outgoing SEPA transfers (only after €200.000)
- From €1 to €5 fee for instant SEPA instant transfers
- Other fees and features may also apply
The Enterprise plan (€339/month) comes with:
- One month free trial
- 15 users included
- Unlimited cashback up to 1%
- Accounting integrations
- No limit of companies added or connected banks for payments
- Accountant access and premium features
- 99% guaranteed uptime SLA
- Invoice statuses tracking and API access
- IBAN for global transfers
- Free physical VISA cards
- Card payment limit of €200,000 per month per card
- Free card payments in Euro and a 1% fee in foreign currency
- Up to €2.000 fee-free ATM withdrawals per day (maximum of 10 daily withdrawals and a€10,000 montlhy free limit)
- 1% fee for ATM withdrawals in foreign currency (non-Euro)
- No fee for extra in/out SEPA transfers and 0.1% for outgoing SEPA transfers (only after €200.000)
- From €1 to €5 fee for instant SEPA instant transfers
- Other fees and features may also apply
How to open an account
In order to use Finom, you will need to register in their website and then you will be asked to choose the country your business is registered in and to select the legal status of your business. You will also need to download the mobile web to do the rest of the verification!
Moreover, you will also be asked to provide the following:
- Be over the age of 18 and be a legal resident of a supported country
- A valid mobile phone number and email address
- Choose between freelancer or company
- Document for ID verification
- Are able to verify yourself in one of our supported languages
Also, you may be asked a few questions about yourself and the purpose of your account (these questions will not impact your eligibility).
The Finom Card
No matter which account you choose, your Finom card will be a debit Visa, which you can use to make purchases around the world wherever Visa is accepted.
Likewise, you can spend in multiple currencies and get automatic money conversion at near the real exchange rate. Making international purchasing faster and easier.
You can have more than and you can also associate your virtual card with your Apple Pay wallet or Google Pay wallet.
Fees
Depending on the plan you choose to your business, you will also incurr in other fees, like:
- Monthly fee for extra team member
- Fee per recognized document
- Monthly fee for the inactive physical and virtual card
- Monthly fee for extra wallet
- Fee for decline of direct debit
- Fee for outgoing international payments
Independently of your plan, there will be no fees for card payments in euros (except for certain MCCs). Although, for card payments in foreign currency a fee from 1% up to 3% may apply (depending on the plan).
The extension of ATM withdrawal limit up to € 10 000 (paid per month) and the daily limit will depend on your plan (with a maximum number of 10 per day). The fees after those limits will vary on the plan choosen.
Safety Measures
PNL Fintech B.V. (Finom) is a cooperating partner of a tech company with a full German banking license Solaris SE (Germany) and an agent of a licensed electronic money institution Finom Payments B.V. (the Netherlands, Belgium, Spain, France, Italy, and other EEA countries). Finom Payments BV (Finom) is a licensed electronic money institution authorized by the Dutch Central Bank, De Nederlandsche Bank (DNB), to operate in the European Union (EU) and the European Economic Area (EEA).
Furthermore, Finom has no access to your online banking credentials, and they are double-encrypted (for additional protection) using passkeys or a one-time password that must be entered each time you try to log in).
In order to ensure your card’s security, Aspiration offers several protective measures:
- Biometric authentication
- Spending limits to avoid unexpected expenses
- Regular security audits
- The option to freeze the card instantly
As a result of the fast evolution of new scams, Finom is continually developing new solutions to combat the latest fraud and scam technologies.
Supported Countries
Finom serves businesses and freelancers in Belgium, France, Germany, Italy, Netherlands, Poland, Spain, Portugal, Austria, Ireland and other EEA countries.
However, keep in mind that other EEA countries currently have access only to Corporate and Enterprise plans, which are designed for medium and large businesses. Business accounts for freelancers and the self-employed are not yet offered in these markets!
This availability means that if your business reside in one of these countries, you can easily open an account and access Finom wide array of financial services.
Costumer Service
Finom offers an array of customer support channels, including live chat, WhatsApp, and email. According to Finom’s website, you can expect to receive a response via live chat or WhatsApp within two minutes; for email, this is ten minutes, which is still pretty impressive!
In addition, there’s also a Facebook community you can join. From here, you can keep abreast of Finom’s latest news, discuss your experiences with Finom’s products, and post requests to Finom’s development team.
Alternatively, if you would prefer to consult self-help materials, Finom has an FAQs section and online help center where you’ll find useful articles organized into topics like ‘About Finom,’ ‘Opening an account,’ ‘Account settings,’ and more.
Bottom line
In conclusion, Finom offers a robust and comprehensive fintech solution tailored specifically for small and medium-sized enterprises (SMEs) and freelancers. The platform excels in several areas, providing numerous advantages that can significantly enhance business operations.
One of the primary advantages of Finom is its all-in-one digital banking service. Businesses can manage multi-currency accounts, perform seamless money transfers, and integrate with various payment systems, all from a single platform. This consolidation of banking functions streamlines financial operations and reduces the time and effort spent managing multiple financial accounts.
The platform provides detailed financial reports, cash flow analysis, and expense tracking, empowering business owners to make informed decisions and optimize their financial strategies. Seamless integration with popular accounting software like QuickBooks and Xero ensures that financial data remains synchronized and up-to-date, simplifying the accounting process and reducing the risk of errors.
However, there are some potential disadvantages to consider. One significant limitation is that Finom is currently only available in a select few countries. This restricted availability may pose challenges for businesses operating in regions where the platform is not supported, limiting access to its valuable features.
Overall, Finom is a powerful and versatile fintech solution that can greatly benefit SMEs and freelancers by streamlining financial management and providing valuable insights. While there are limitations, particularly regarding its geographical availability, the advantages offered by Finom’s integrated services, security features, and user-friendly mobile app make it a compelling choice for businesses looking to optimize their financial operations.
