- FINOM, a provider of financial management services for small to medium-sized enterprises, has confirmed that it will be expanding into the UK following its acquisition of Kapaga.
- FINOM is known for its mobile priority platform, which brings a range of international payments services together into one back-office solution.
- “At FINOM, we truly believe in the value of collaboration and working with Katya (Dorofejeva, CEO of Kapaga) and her highly experienced team will enable us to create a product for SMEs that meets all our customers’ banking needs,” said a FINOM spokesperson.
FINOM, a Dutch provider of financial management services for small to medium-sized enterprises, has confirmed that it will be expanding into the UK.
This follows its purchase of Kapaga, a London-based cross-border payment facilitation service aimed at small firms trading globally.
Press reports indicated that the acquisition was completed for an eight-figure amount.
FINOM is known for its mobile priority platform, which brings a range of international payments services together into one back-office solution.
This includes facilities for sending invoices online as well as managing transactions within the Single Euro Payments Area.
Both of the firms have received investment support from Target Global.
Kos Stiskin, FINOM’s Co-Founder, said that their produced value ran into the billions.
“Entrepreneurs and freelancers are the backbone of the European economy, producing $8tn of value annually, but costly and time-intensive bureaucracy means they cannot run their business as efficiently as possible,” he said.
“At FINOM, we truly believe in the value of collaboration and working with Katya (Dorofejeva, CEO of Kapaga) and her highly experienced team will enable us to create a product for SMEs that meets all our customer’s banking needs.”
For Kapaga, meanwhile, the Founder and CEO Katya Dorofejeva said that collaborating with FINOM would mean that an unusual and “growing” product could be properly explored.
“Joining forces with FINOM enables us to explore a unique and growing product. Entrepreneurs and freelancers are facing a plethora of challenges in setting up tactile business accounts that serve their needs.”
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