Following the company’s recent successful launch of local IBAN accounts in France, this expansion marks another significant milestone in FINOM’s mission to simplify financial management for small and medium-sized businesses across Europe.

The Italian market holds significant importance for FINOM, as it is home to over 5 million SMEs who face one of the most demanding bureaucratic burdens within the EU. According to the Doing Business report in 2020, Italy performed below the EU average for ease of doing business and received low scores in areas crucial for SMEs’ financial operations. Among the disadvantages are slow contract enforcement, regional regulatory disparities, and a complicated tax system that requires hundreds of hours in preparation and filing.

FINOM’s platform combines the power of e-invoicing with comprehensive business banking features, resulting in the automation of manual reconciliation, making it one of the very few providers in the Italian market, alongside Qonto, to offer such an integrated solution. By leveraging its Electronic Money Institution (EMI) license, obtained in the Netherlands in 2021, FINOM can now directly serve Italian entrepreneurs and SMEs with a tailored, all-in-one financial management tool.

Previously, FINOM was available in Italy as an e-invoicing service. Now, after developing a suite of financial services for entrepreneurs and SMEs in The Netherlands, Germany, France, and Spain and equipping itself with an EMI license, FINOM is able to offer its Italian customers business accounts.

New customers in Italy can now access FINOM’s full suite of services, including local IBAN accounts available within 24 hours, competitive cashback programs, accessible physical and virtual cards, and robust expense management tools. Integrating e-invoicing, account payables, and account receivables capabilities streamlines financial processes, saving businesses valuable time and resources.

"We are thrilled to bring our unique blend of e-invoicing and business banking to Italian SMEs," said Yakov Novikov, co-CEO and co-founder at FINOM. "By offering a comprehensive financial management solution, we aim to simplify the lives of Italian entrepreneurs and help them focus on growing their businesses. Our expansion of services into Italy, underscores our commitment to serving the diverse needs of SMEs across Europe."

FINOM’s user-friendly platform, powered by its proprietary core banking system, has already attracted over 100,000 customers across Germany, France, Spain, the Netherlands, and Italy. The company’s €50 million Series B funding round in February 2024 has fueled its expansion efforts, enhanced product offerings, and strengthened its position as a leading financial services provider for European SMEs.