Key Information
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 got "hands-on" with this new banking product, spending two weeks each, with Finom as their bank of choice. The results of their assessments are all provided in this detailed Finom review below.
This review starts off with key information about the financial institution, before taking a deep dive into various subscriptions offered. Following that, we'll provide a comparison table of all 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'll provide you with a list of alternatives to Finom for business banking and clear up any confusion left over in an FAQ format.
Now, before further ado, let's begin!
Finom: countries supported
Businesses registered in 7 countries can open a Finom business account.
- Belgium
- France
- Germany
- Italy
- Netherlands
- Poland
- Spain
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's plans for the Netherlands are Solo, Basic, Smart and Pro, billed monthly or, about 20% cheaper, yearly; prices exclude VAT. Solo is free, and the paid plans add free SEPA transfers, more cards and higher limits. Start, Premium and Corporate are no longer offered.
Solo
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.
Basic
€17 / month
Basic is for individual entrepreneurs and small teams taking their first steps: outgoing SEPA transfers are free up to €25,000 a month, card fees are lower than on Solo, and there's a 30-day free trial.
Smart
€34 / month
Smart suits small and medium-sized businesses with straightforward needs: outgoing SEPA transfers are free up to €50,000 a month, with higher limits for daily operations and a 30-day trial.
Pro
€119 / month
Pro is for businesses ready to scale, with the most flexibility and the highest limits; Finom asks you to apply for it.
Solo
No monthly cost
Bank account for the self-employed, micro-preneurs and freelancers with no monthly cost. For a free business bank account, Finom Solo has a…
- Employee access, up to 15 sub-accounts and limits per card customizable in real time
- Easy transaction history exports and powerful payment search engine
- Attach invoices and receipts to payments, with an auto-recognition feature to keep track
- Lack of local payment methods - Finom does not support iDEAL, Sofort or Bancontact
- ATM withdrawal fee skyrockets to 5% after €5'000 monthly total and further to 7% past €10'000
Basic
€17.00 / month
Smart
€34.00 / month
Pro
€119.00 / month
Finom: plan comparison
| Feature | Solo€0.00 | Basic€17.00 | Smart€34.00 | Pro€119.00 |
|---|---|---|---|---|
| Price, per month | €0.00 | €17.00 | €34.00 | €119.00 |
| Commitment | Cancel monthly | 12 months | 12 months | 12 months |
| Sign-up bonus | 30 days free trial | |||
| Deposit protection | Up to €100'000 | |||
| IBANs | DE, FR | – | – | – |
| Sub-accounts included | 1 | – | – | – |
| Shared accounts | €4 p/extra user | – | – | – |
| Child accounts | ✓ | – | – | – |
| Apple Pay | ✓ | – | – | – |
| Google Pay | ✓ | – | – | – |
| Samsung Pay | ✕ | – | – | – |
| Other methods | – | – | – | – |
| Cards available | Visa | Visa | Visa | Visa |
| Cards included | – | 1 | 3 | 3 |
| Maestro/VPay | ✕ | – | – | – |
| Debit cards | ✓ | ✓ | ✓ | ✓ |
| Credit cards | ✕ | – | – | – |
| Virtual cards | ✓ | ✓ | ✓ | ✓ |
| Extra card fee | €2.00 /mo | – | – | – |
| Replacement fee | €5.00 | – | – | – |
| Free replacements | – | – | – | – |
| Metal card | ✓ | ✓ | ✓ | ✓ |
| Wooden card | ✕ | – | – | – |
| iDEAL | ✓ | ✓ | ✓ | ✓ |
| SOFORT | ✕ | – | – | – |
| Bancontact | ✕ | – | – | – |
| SWIFT (receive) | – | – | – | – |
| Foreign exchange fee | 3.00% | – | – | – |
| Currency fee-free limit | – | – | – | – |
| Daily limit | €500 | – | – | – |
| Free withdrawals, per month | 0 times | – | – | – |
| After that, per withdrawal | €2.00 + 1.0% | – | – | – |
| Withdrawal fee abroad | €2.00 + 3.0% | – | – | – |
| Current account | – | – | – | – |
| Savings account | 0.5% | 1.25% | 1.5% | 2.0% |
| Deposit limit | – | – | – | – |
| Monthly spend limit | €100,000 | – | – | – |
| Overdraft | ✕ | – | – | – |
| Investments in-app | ✕ | – | – | – |
| Crypto trading | ✕ | – | – | – |
| Cheques | ✕ | – | – | – |
| Cashback | ✓ | ✓ | ✓ | ✓ |
| Insurance | ✕ | – | – | – |
| Lounge access | ✓ | ✓ | ✓ | ✓ |
| Transaction categorization | ✓ | – | – | – |
| Purchase protection | ✕ | – | – | – |
| Round-up savings | ✕ | – | – | – |
| Budgeting features | ✓ | – | – | – |
| Deals & discounts | ✕ | – | – | – |
| Other benefits | Invoicing & PayPal | – | – | – |
Prices per month. Verify current pricing and terms at finom.co.
The table above shows Finom's prices for the Netherlands. Finom prices each market separately, so check its site for your country.
| Germany | France | Netherlands | Belgium | Italy | |
|---|---|---|---|---|---|
| Solo | Free | € 5 | € 3 | € 3 | € 5 |
| Start | € 7 | € 14 | € 14 | € 14 | € 15 |
| Premium | € 24 | € 34 | € 28 | € 28 | € 25 |
| Corporate | € 90 | € 119 | € 100 | € 100 | € 100 |
| Germany | France | Netherlands | Belgium | Italy | |
|---|---|---|---|---|---|
| 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
Multi-banking
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
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).
However, regardless of how limited it might be, it can still offset the cost of your monthly subscription, so treat it like a nice bonus without overestimating its importance.
| Cashback | Limit, monthly | |
|---|---|---|
| Start | 2% | € 10 |
| Premium | 3% | € 20 |
| Corporate | 3% | € 90 |
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.
Invoicing Features
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.
Customer Support
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
Advantages
- 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
Downsides
- 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)
Finom has a very neat and convenient user interface. Source: finom.co
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.
Revolut Business
You can't go wrong with Revolut, Europe's largest neobank that boasts supporting over 500'000 businesses all over the world. Free plan that isn't too restrictive for a freelancer, higher tier subscriptions that will easily satisfy any small-scale venture and much more. Definitely a digital banking model.
Europe's biggest neobank, Revolut is a pioneer of mobile-first banking. Offering a wide range of financial services and banking products, including (but not limited to!) trading stocks and crypto, Revolut is a safe option regardless of customer's country of residence.
40M+ users · London, UK · revolut.com
bunq Easy Money Business
Finom's neighbours in Amsterdam, Dutch neobank bunq offers a range of four plans for business banking. Very powerful automation possibilities, innovative and unique features and a beefy mid-tier plan with immense value. Definitely worth a look for any digital entrepreneur.
bunq is a Dutch digital bank offering innovative features like multi-currency accounts, eco-friendly perks, and one of Europe’s highest savings interest rates. With a full banking license and deposit protection up to €100,000, bunq combines flexibility for travelers and expats with robust security and modern mobile banking apps.
20M+ users · Amsterdam, Netherlands · bunq.com
Qonto
Qonto's bank accounts for businesses took France by storm. Focusing on freelancers, SMEs and company creation services, this mobile-first neobank from Paris is a treat to interact with. Classy apps, stylish cards and a very flexible plan selection. Highly recommended for business owners from Belgium, Germany or France.
Qonto is a French neobank for businesses that is equally suited for freelancers, micro-businesses, SMEs and startups. Diverse in its product portfolio and capable of satisfying business needs of any caliber, Qonto now offers a one-month free trial for new users.
150k+ users · Paris, France · qonto.com
Soldo
Looking for expense management, cash flow monitoring, accounting automation at an insanely reasonable cost? Take a look at Soldo, an up-and-coming fintech from Spain.
Soldo is an expense automation platform for businesses, that calls itself "the brighter way to manage spending". Soldo's wildly popular product excels at complementing your bank’s offerings with an array of time-saving features – fit for the way modern businesses operate.
Undisclosed users · London, UK · soldo.com
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.
Review: Tide Bank
Review: bunq Business
Review: Revolut for Business Banking
Review: Qonto
Review: Anytime