Dutch SME banking provider Finom says new FX offering will provide “nice revenue boost”

Finom offers banking services aimed at SMEs across Europe and is now adding an FX offering to its suite of products.
Dutch SME banking provider Finom says new FX offering will provide “nice revenue boost”

Finom, the Amsterdam-based SME banking provider, says its new FX service will give the fintech a ”nice revenue boost”, although it will face stiff competition in a crowded field.

Launching in 2019, Finom, which employs around 250 people, has offices in the Netherlands and Cyprus and is also hiring staff in Spain and Poland, where it also offers its services.

It also has a presence in several other European countries, including Germany, France, Italy, Spain and Belgium.

Finom, which has a Netherlands-stamped e-money licence, offers banking services aimed at SMEs, including online banking, physical and virtual cards, payment processing and invoicing.

It has raised €16.8 million across two seed funding rounds in 2020.

Finom, which has around 85,000 accounts, has now bolstered its offering with a foreign exchange service, available across its web and mobile platforms.

The service provides its customers with access to sterling, dollar and the Euro among 20 major currencies in total.

Finom’s FX service will be entering a crowded market but it believes it will prove an attractive proposition to its existing clients.

Managing multiple currencies is a common challenge for European businesses.

Kos Stiskin, co-founder and head of strategy, Finom, said the company's strategy was to build up services within the app and it was hoping upselling the FX service to existing customers would give it a fillip.

He said he anticipated that slightly less than 10 per cent of its clients would use the FX service, but it could lead to as much as a 30 per cent revenue boost per customer per month.

Stiskin added: “We believe we can save our customers hundreds of Euros and tens of hours on a monthly basis.”

Lead image: Kos Styskin, co-founder and head of strategy, Finom. Photo: uncredited.

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