Digital banking solution for SMEs and entrepreneurs in Europe FINOM has announced the availability of its IBAN accounts in Spain, expanding its solutions to the region.
As part of its ongoing expansion strategy in the Spanish market and following the launch of its local IBAN accounts in France and Italy, FINOM made its solutions available to the region to support its commitment to simplify and optimise financial management for small and medium-sized enterprises (SMEs) across Europe. By launching its local IBAN accounts in Spain, the company aims to complement its existing offerings of banking solutions, FX rates, and account payables and receivables features.
After initially launching its services in Spain in March 2024, FINOM’s expansion into the region included several strategic moves, with it establishing a local office in Barcelona and increasing its team to serve its operational needs. By investing in local employees and infrastructure, the company underlined its commitment to meeting the unique requirements of Spanish businesses. The expansion was assisted by a EUR 50 million raise from February 2024 which FINOM received in a Series B equity funding round. At that time, the company planned to solidify its position in the industry and further develop its product suite to better serve its clients. In addition, the investment aimed to support FINOM in its development strategy, with it intending to target the entire Eurozone by 2025.
How does FINOM aim to assist Spanish businesses?
According to its officials, the company is committed to providing SMEs with the financial tools they require to develop their capabilities and operations. When introducing its services to the region, FINOM took into consideration the needs and preferences of businesses and is set to focus on providing them with financial solutions to manage their finances conveniently and efficiently. As of the announcement, Spain-based businesses and entrepreneurs can leverage optimised financial services, including accelerated transactions, improved integration with local payment systems, and simplified banking operations.
Moreover, FINOM is set to issue free virtual and physical business cards enabled by VISA, thus working towards delivering SMEs a suite of financial tools that allows them to manage their expenses more securely and efficiently.