Review: Finom (Business Banking)
Detailed assessment of Finom's features, pricing and security
Finom is an online banking solution for freelancers and SMEs that helps manage finances in an easy, secure and convenient way. At least, that is what the European fintech based in the Netherlands claims. Do these statements actually stand? Our team of fintech experts at Fintech Compass investigated by getting hands-on with the new banking product in this detailed Finom review below.
This review will start off with key general information about Finom, then take a deep dive into various subscriptions offered. Following that, we provide you with a comparison table of Finom plans, contrasting fees, limits and features included in each. We'll then briefly explore the unique features and products Finom offers that we found noteworthy. Before wrapping up the review, we will provide you with a list of alternatives to Finom for business banking and clear up any confusion left over in an FAQ format.
Finom: Key Facts
|Business Banking||Free plan available|
|Sign-up Bonus||30 days free trial|
Exclusive offer for Fintech Compass readers: 30 Days Free Trial!
To benefit from the offer, simply follow any of the Finom links on our website.
Finom: Availability per country
Companies and other legal entities registered in the following countries can sign up for a Finom bank account for businesses:
What is Finom?
Is Finom a bank account or is it a cash flow management, accounting and invoicing solution? Neither answer to this question is correct. Finom is technically not a bank, however, businesses signing up for Finom are actually getting a bank account from Solaris. Solaris SE is an established and highly reliable Banking-as-a-Service provider that fuels a lot of fintechs and neobanks, for example, Tomorrow, a "sustainability-first" neobank from Germany and Trade Republic, a wildly popular investments and savings app enjoyed by over 1 million users. Solaris is completely licensed and thoroughly regulated financial institution with a full-fledged banking license in Germany and an e-money custody license covering UK and EEA.
What does that mean for companies looking to open a Finom bank account? For starters, this means your deposits are fully protected by the Deposit Guarantee Scheme (up to €100'000 per account). Additionally, it means that your funds are secure while your rights as a customer are protected, thanks to all the laws and legislation that applies to accredited financial institutions.
Can Finom be your company's sole bank account? Sure, it can - provided your business is not covered by the following three:
- Frequently dealing with cash or cheque payments from customers
- Needs to send or receive SWIFT payments
- Expects to perform over €50'000 a month in card payments
Our experts distilled these restrictions from products and features available at Finom, as well as from a thorough research of pricing documents and policies on the company's website.
However, if you run a digital-first business in Europe that's not yet at an enterprise scale, Finom's banking services should more than cover all of your needs, with room to scale. If you're a freelancer in need of a bank account for business banking purposes, we invite you to check out our experts' selection of the best bank accounts for freelancers available today.
Subscriptions (Plans) Available
Finom offers a wide range of plans at various price points. The ability to switch between them whenever you wish adds a certain level of flexibility that any growing business would appreciate. In the section below, we will provide a brief overview of each plan, followed by a comparison table listing the key differences between different plans.
But before we jump into it, a few important notes on pricing information provided in this review:
- Prices stated assume monthly billing - paying on an annual basis comes with a 15% - 22% discount, depending on the plan.
- Monthly subscription costs do not include VAT.
- By signing up via Finom links on our website, you get an opportunity to try any plan you want for free, thanks to "no strings attached" 30 days trial.
- Important: The monthly fees stated in this review apply to German businesses. For companies and entrepreneurs from other countries, different rates apply - we provide a full comparison of these below.
No monthly cost*
Bank account for the self-employed, micro-preneurs and freelancers that comes at no monthly cost. For a free business bank account, Finom Solo has an impressive range of features and surprisingly high limits. This plan can also be "extended" at-will, for example, by adding extra team members at €4 each or issuing physical cards for just €5.
Bank Accounts for Businesses
Time is money if you're a business owner, franchisee or a freelancer. Discover modern mobile-first bank accounts for companies of any scale and explore unique features and products built for digital-native business owners.
€ 7,00 p/m
Finom Start is a plan that offers a full-fledged bank account with access for 2 team members included in the subscription price. "Start" features a built-in expense management solution, an invoicing and easy payment collection functions, as well as a bit of cashback, all wrapped in a clean and convenient UI, available on both mobile and desktop.
€ 28,00 p/m
Finom Premium is an "all-in-one" business banking platform. Invoicing, cash flow management, employee access and numerous accounting software integrations are all included in your monthly subscription price. Finom Premium is a modern business banking powerhouse, but this power comes at a significant cost and with a few asterisks.
€ 110,00 p/m
Finom Corporate is an enterprise-grade business banking solution without the usual hassle associated with corporate finance matters. This "ultimate" subscription includes: access for up to 10 team members, built-in invoicing (invoice templates available in 6 languages!) and payment collection features, dashboards for easy visualization of your company's cash flow, a dedicated accountant access, custom roles and permissions for employees and an option to connect an unlimited number of bank accounts, and much more.
Finom: Plan Comparison Table (Business)
|Price, per month||€ 0.00||€ 7.00||€ 28.00||€ 110.00|
|Commitment||Monthly or Annually||Monthly or Annually||Monthly or Annually||Monthly or Annually|
|Sign-up bonus||30 days free trial|
|IBANs||DE, FR||DE, FR||DE, FR||DE, FR|
|Shared Access||€4 p/extra user||€2 p/extra user||€1 p/extra user||€1 p/extra user|
|Extra card fee||€ 2.00 p/m||€ 1.00 p/m||€ 1.00 p/m||€ 1.00 p/m|
|Replacement fee||€ 5.00||€ 5.00||€ 5.00||€ 5.00|
|Foreign exchange fee||3.00%||2.00%||1.00%||1.00%|
|Currency fee-free limit||-||-||-||-|
|Daily limit||€ 500||€ 1,500||€ 3,000||€ 3,000|
|Free withdrawals, per month||-||5 times||10 times||20 times|
|After that, per withdrawal||€ 2.00 + 1.0%||€ 2.00 + 1.0%||€ 2.00 + 1.0%||€ 2.00 + 1.0%|
|Withdrawal fee abroad||€ 2.00 + 3.0%||€ 2.00 + 2.0%||€ 2.00 + 1.0%||€ 2.00 + 1.0%|
|Transaction & Deposit Limits|
|Deposit Protection||Up to €100'000|
|Monthly spend limit||€ 50,000||€ 50,000||€ 50,000||€ 50,000|
|Other financial products|
|Cashback||❌||2%, up to €10/mo||3%, up to €20/mo||3%, up to €90/mo|
|Cash Flow Control||✔️||✔️||✔️||✔️|
|Deals & Discounts||❌||❌||❌||❌|
|Other benefits||Invoicing & PayPal||Multiple trade names||Multi-banking||All-in-one Business Banking|
Go to finom.co
IMPORTANT: The costs reflected in the table above apply to companies registered in Germany. Finom has custom pricing for each market it's present in and you will get billed according to the country your business (or sole proprietorship) is registered in. You can find the differences in per-market pricing in the tables below: one shows costs per month (excluding VAT) with an annual commitment, the other applies to the "pay-as-you-go" fee on a monthly basis.
* NB: In Poland, currently only the "Finom Start" plan is available, at no monthly cost (while the product is in beta) instead of the usual €4,99 it will cost after the full release.
|Solo||Free||€ 5||€ 3||€ 3||€ 5|
|Start||€ 7||€ 14||€ 14||€ 14||€ 15|
|Premium||€ 24||€ 34||€ 28||€ 28||€ 25|
|Corporate||€ 90||€ 119||€ 100||€ 100||€ 100|
|Solo||Free||€ 7||€ 5||€ 5||€ 7|
|Start||€ 7||€ 17||€ 17||€ 17||€ 21|
|Premium||€ 24||€ 40||€ 34||€ 34||€ 36|
|Corporate||€ 90||€ 149||€ 100||€ 100||€ 143|
Unique Features & Products by Finom
One of the biggest advantages of this product is the freedom to connect an unlimited number of banks and payment services to your Finom account. This feature has multiple applications: for example, you can connect a bank account you're about to close to Finom - by doing so, you essentially copy your whole transaction history and all your contacts to your new account. Another example is having the flexibility to easily select which account to pay a specific invoice from, which can come in handy when dealing with contractors. This also gives you a complete overview of your company's cash flow and can save you a significant amount of time, thanks to automation and "smart features" built in.
Cashback is not too popular of a feature when it comes to European banks (although there are a few: UK-based business bank Tide and the "all-cards-in-one" digital wallet Curve do offer this feature). Finom boasts an impressive cashback of "up to 3%", but it comes with a caveat. Not only is it available only on Start, Premium and Corporate plans, but it's also fairly limited (see table below). But, however limited it is, it can still offset the cost of your monthly subscription, so treat it like a nice bonus without overestimating its importance.
Bank Accounts for Individuals
Read our detailed reviews of personal bank accounts available at some of the world's most popular online banks, compare the plans they offer, explore their pricing and discover all the hidden fees.
The simplicity and convenience of invoicing with Finom, in our opinion, is what makes it stand out amongst competitors like Qonto (French neobank experiencing hyper-growth we previously reviewed). Finom's take on this product focuses on speed (it actually is possible to create an invoice from scratch in under a minute!) allowing a "fire and forget" approach to invoicing customers (enabled by smart reminders on overdue payments). Your customers would also appreciate the fact that your invoice can be sent in 6 different languages (can be switched with a single tap) and with a one-click payment link, facilitating faster payment collection and reducing your DSO.
Beyond these features, Finom also provides the "bread and butter" features every fintech should have: real-time transaction notifications, blocking your bank cards on-the-fly in case of theft or loss, Apple Pay & Google Pay, virtual cards and an ability to be up-and-running in 2 days or less. And of course, automated transaction categorization, customizable tags, along with scheduled, bulk and recurring transactions.
Finom offers a variety of ways you can get in touch with the customer service. These are:
- Live chat with a support agent directly on the website and in-app
- Calling the help line (only available during office hours)
- Using WhatsApp to reach a support representative
- Send in your questions via email
Of course, there is also a small FAQ (focused on more general topics) and a fairly extensive Help Center, containing answers to most questions users might have and providing assistance with common issues customers might experience.
Combined, these options comprise a comprehensive level of support. It's also important to mention that the quality of help offered and the response rate during business hours (according to our tests) is quite high. This is a great advantage, as some competing neobanks struggle to keep up with the growth of their user base, resulting in poor customer care and long wait times.
Finom: Pros & Cons
- Quick & Easy Invoicing: Auto-completion, overdue payment reminders, easy reconciliation and one-click payments
- Centralizing Finance: Connect multiple bank accounts and get complete overview, all in one place
- Scales With You: Wide range of plans available means Finom suits both sole proprietorships and SMEs with dozens of people
- No SWIFT Support: You would need an auxiliary bank account to be able to send and receive money via SWIFT
- ATM fees: They start off great (with 0% up to €2k/month), but the scaling is terrible (after €10k/month, the fee becomes 7%!)
- Lack of Local Payment Methods: No iDEAL for NL, no Bancontact for BE, no SOFORT - make sure this is okay for you.
Finom Neobank: Frequently Asked Questions
Can I do SWIFT payments with Finom?
At this moment, Finom does not offer SWIFT transactions to customers, however, the company has mentioned that this functionality is on their product development roadmap and should be coming in the near future. Meanwhile, you can execute SEPA transfers with a Finom business account.
Is Finom a real bank? Is Finom trustworthy?
Customer deposits at Finom are managed by Solaris bank, a fully licensed German fintech institution with a full banking license granted by German regulators. This has multiple implications:
- Your funds are protected by EU-wide Deposit Guarantee Scheme (up to €100'000 per account), no matter what
- The financial institution handling your funds is constantly audited and is subject to various regulatory reporting to ensure its financial health
- Your rights as a customer are protected by German consumer law, which is notoriously pro-client in most regards
On top of this, Finom is DSGVO compliant, meaning your personal data is also fully protected. Combined, we can confidently say your money is safe at Finom.
Do I get a German IBAN with Finom?
As a financial services company with key regulatory partnerships in Germany (via Solaris SE) and France (Treezor fintech), Finom offers users either German or French IBANs.
What documents do I need to open a Finom account?
The answer might slightly vary depending on the country your company was registered in, its primary business activities and legal entity type, but the baseline list is as follows:
- Business owner's ID or passport
- Local phone number
- Key business information (for example, KvK number for Dutch businesses)
Alternatives to Finom
With a large variety of great business banking solutions available to businesses and freelancers all over the European Union today, it is frequently hard to make a choice. Based on our expertise in the domain and the preferences our viewers expressed, below you will find 4 of the best Finom alternatives on the market.
Conclusion: Is Finom a good choice for your business?
Overall, after reviewing Finom bank's services for businesses and freelancers and getting "hands-on" with it, our team agreed that Finom might be a great choice for small and medium-sized enterprises looking for a simple and easy-to-use banking solution. Beyond that, Finom can be a decent option if you're forced to have multiple bank accounts for your venture and are currently struggling to get a comprehensive overview of incoming and outgoing transactions.
This up-and-coming fintech offers a variety of features that are designed specifically for business owners, including an ability to create multiple accounts and manage finances in real-time, easy invoicing and payment collection. On top of this, Finom provides user-friendly and very straightforward mobile and web apps with no unnecessary clutter that allow users to manage their company's finances from anywhere.
However, even though Finom offers competitive pricing and transparent fees, you need to be very careful and aware of your subscription's limits and terms. While fees like €0,50 per month for each issued virtual card you've not used last month (and €1,00 per physical one!) can only cause mild annoyance once the invoice arrives, some fees are potentially very significant. Finding out that a certain counterparty has a Merchant Category Code Finom labels "potential high risk" and incurring up to 3% fee on transactions with them can potentially cost you a lot of money.
Summarizing the above, we at Fintech Compass can recommend Finom bank accounts to freelancers, small-to-medium businesses and entrepreneurs who need a straightforward and efficient fully-online (but with an ability to call your bank!) banking solution. With its innovative and user-friendly approach to business banking, Finom can be an excellent choice if you're looking for an alternative to slow and expensive traditional banking services.