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Key Focus Area:

Finom is focused on providing comprehensive financial services tailored for small and medium-sized enterprises (SMEs), freelancers, and companies in various stages of their lifecycle. The company prioritizes creating a holistic suite of digital financial tools, including business accounts with cashback, e-invoicing, and accounting integrations, as well as facilitating seamless international payments.

Unique Value Proposition and Strategic Advantage:

Finom’s unique value proposition lies in their digital-first approach, tailored specifically for small business needs. The strategic advantage is highlighted by their ability to quickly open IBAN accounts within 24 hours and offer up to 3% cashback on expenses. The company aims to enhance business operations by integrating financial functions with automated tools designed for invoicing, accounting, and expense management. These tools streamline business processes and are intended to enable businesses to be financially efficient with minimal administrative burden.

Delivery on Value Proposition:

To deliver on its value proposition, Finom leverages the following capabilities:

• Digital Business Accounts: Quick account setup with online registration aimed at minimizing entry barriers for businesses needing swift financial solutions.
• Cashback Incentives: Up to 3% cashback on spending, which reduces operational costs for businesses and incentivizes the use of their financial products.
• Comprehensive E-Invoicing Tools: Integrated billing and invoicing services designed to support quicker payments and reduce time spent on reconciliation.
• Security and Compliance: Finom ensures financial security through partnerships with regulated bodies like Solaris Bank and Treezor, thereby protecting client accounts and providing deposit insurance.
• Global Payment Capabilities: Support for international transactions in over 20 currencies, facilitating smooth global operations for businesses.
• Integration with Accounting Software: The service extends compatibility with over 30 business and accounting processes, reducing the manual labor involved in bookkeeping and enhancing productivity.
• Accessible Support: A support team available seven days a week with quick response times, and dedicated managers for advanced plan subscribers, ensuring customer queries and needs are promptly addressed.

Overall, Finom presents itself as a comprehensive digital banking solution, focusing on speed, cost-efficiency, and ease of use, specifically catering to the financial management needs of freelancers and SMEs across Europe. They achieve this through a combination of practical tools, secure operations, and incentivized use of their banking services.