Visa and Solarisbank associate with fintech FINOM

FINOM, a fintech firm targeted on empowering small companies, freelancers and entrepreneurs throughout Europe, has launched an modern new enterprise account in Italy, which mixes banking, e-invoicing, and monetary administration companies on a single platform. European financial institution Solarisbank is facilitating the fintech agency’s product enlargement in Italy, by providing native IBANs to prospects, and they’ll situation the account’s Visa debit playing cards.

Italy is FINOM’s third largest European market, behind France and Germany, the place it has 15,000 prospects. Via this partnership, the Amsterdam headquartered fintech will now be capable to supply its all-in-one finance administration, e-invoicing, and banking platform to each current and new Italian prospects. The brand new enterprise accounts will even assist Italy’s flat tax price paying self-employed, sole merchants and freelancers as they transition to e-invoicing, a authorized requirement within the nation from July 2022.

FINOM, based in 2019, raised €16.8 million in funding from main world buyers in 2020, together with Goal World, Normal Catalyst, Avala Capital, Cognito Capital Companions, and Entree Capital. “We’re the one firm in Italy to supply banking and e-invoicing companies by way of a single platform,” mentioned Antonio la Mura, Head of FINOM in Italy. “Right this moment we’re doubling our efforts within the nation to raised serve the wants of sole merchants, entrepreneurs and freelancers who’re the spine of the nationwide financial system however stay poorly served by the standard banks.

“Our Italian buyer base is rising quick, and we intend to launch banking companies built-in with our platform’s different monetary administration instruments, for all SMEs by the tip of 2022. Finance administration mustn’t should be a serious ache level so it’s our mission to streamline funds, e-invoicing, banking reconciliation, and expense categorization to deliver a lot larger effectivity to SMEs, sole merchants and freelancers, that are an enormous a part of the Italian enterprise and jobs ecosystem.” “We see monumental potential within the digitization of the Italian monetary market, particularly with regards to innovation based mostly on Open Banking and banking-as-a-Service. FINOM is utilizing the breadth of Solarisbank’s banking-as-a-service platform to offer its prospects with a cutting-edge digital providing, tailor-made to their particular wants. We’re extraordinarily proud that FINOM has chosen us for his or her worldwide enlargement to supply Italian IBANs” mentioned Federico Roesler Franz, Normal Supervisor of Solarisbank Italy.

“Italy is dominated by micro-businesses, with 4.5 million freelancers, accounting for 25% of the whole workforce,” mentioned Luca Moroni, Head of Visa Enterprise Options Southern Europe. “Micro-businesses play a significant position within the financial restoration of Europe and their means to embrace and combine digital applied sciences is vital. Visa has launched a collection of initiatives to assist the digitization of the 8 million companies throughout Europe. Enterprise playing cards are a straightforward and protected instrument to digitize processes, simplifying reconciliation and VAT restoration.”

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