Finom Broadens Access to Credit for Eligible Dutch Customers through Enhanced Credit Facilities
Finom, a leading financial services platform, has announced the launch of its On-Demand Funding program for Small and Medium Enterprises (SMEs) and entrepreneurs in the Netherlands. This move is part of Finom's ongoing expansion, following recent significant funding milestones.
The On-Demand Funding is issued through Finom Growth, a separate legal entity within the Finom group dedicated to credit solutions. This program allows eligible users to access credit lines ranging from €2,000 to €50,000, with the approval process facilitated by AI-driven technology.
Key Features of Finom's On-Demand Funding
- Eligibility: The program is open to all eligible Finom users in the Netherlands.
- Credit Limits: SMEs can access credit lines from €2,000 up to €50,000.
- Approval Process: AI-driven instant approvals are available, making the process quick and efficient.
- Flexibility: Designed to provide flexible financing options tailored to the needs of small businesses and entrepreneurs.
Simplified Application Process
The application process for the On-Demand Funding is simplified and fully integrated within the Finom platform. To be eligible, a business must be a Finom customer and maintain active payments transactions for at least three months.
Flexible Repayment Options
Repayment options for the On-Demand Funding are flexible, with no penalties for early repayment. This feature aims to provide businesses with the freedom to manage their cash flow effectively.
A Step Forward in Finom's Expansion
This expansion allows more Dutch entrepreneurs to access the working capital and liquidity they need to grow their businesses. Martin Van Oyen, Finom's Head of Legal, commented on the expansion, stating, "We are excited to bring our On-Demand Funding program to the Netherlands. This program is designed to help Dutch SMEs and entrepreneurs access the financing they need to grow and thrive."
Finom's proprietary AI-powered credit assessment system demonstrated its ability to deliver automated decisions within minutes during the pilot phase. The combined funding enables Finom to scale its lending operations while maintaining strong unit economics.
This move is part of Finom's broader strategy to reach more SMEs across Europe. Finom recently secured a €92.3 million growth investment and a €115 million Series C round, which will support its expansion plans.
[1] Finom Secures €92.3 Million Growth Investment (Source: TechCrunch) [2] Finom Raises €115 Million in Series C Funding (Source: Forbes) [5] Finom's Expansion Plans to Reach More SMEs Across Europe (Source: Business Insider)
- For entrepreneurs and Small and Medium Enterprises (SMEs) seeking financing in technology and business sectors, they might find useful information about Finom's expansion and On-Demand Funding program on ffnews.com, as it covers finance-related news.
- Finom's On-Demand Funding program expansion into the Netherlands is not only limited to finance, but also includes technology, as the company utilizes AI-driven technology to facilitate quick and efficient credit line approvals for eligible users.
