Banking for SMEs is still expensive and slow, with paperwork mainly and branches involved. SME Banking and financial services for SME customers segment have been less valued by the banks and innovations are coming slower to that sector compared to Private Individual Banking. It seems like it stacked in the previous century. Which is why neobanks, which are developing online and digital banking for SMEs, are sticking more and more attention.
Here is our listing of 4 fintechs, offering totally digital services for business account opening, payments, invoicing and bookkeeping.
Holvi is a Finnish fintech start-up, founded in 2011. Targeted audience – European entrepreneurs, freelancers, and small business owners – “Makers and Doers” as they say. Holvi provides SMEs with a range of financial and business services: an online business current account with IBAN number, Business MasterCard, digital accounting and bookkeeping, online store and a business app. After a successful pilot in Finland, Holvi is expanding across European markets and now is available to customers in Germany, Austria, and Finland.
How these products work for customers you can find in Holvi Tutorials
Watch a presentation by Mikko Teerenhovi Head of Product & Design from Holvi in Category Challenger Banks at European FinTech Awards & Conference 2016 in Amsterdam.
Tide is UK mobile-based small business banking service designed specifically for small business and sole traders. Onboarding with Tide takes not more than 3 minutes and provides access to credit, accept card payments, manage accounting, expenses, foreign exchange, etc.
BankUP is a bank for small business, redesigned from the ground up. It offers a business current account, cards, and business apps. BankUP is targeting Millennipreneurs (Millennial Entrepreneurs) – the young generation of business owners and freelancers.
Usage of mobile and web together with data analytics is to solve day-by-day problems of SME and deliver innovative banking services in EU.
Bank’s mission is to bring SME banking to the simple, digital and mobile level, to meet the needs of young entrepreneurs and bring them the tools that they desire the most. These are mashups of banking functions, business tools (ex. built in accounting) and third party (partners) widgets (can support specific industry and business type needs).
Penta is launching full services this year in Germany and France. The core product is transactional banking and online smart banking for SMEs incorporated with data-driven services. Everything is totally online with onboarding in several minutes. We balance an account in real-time, even on the weekends.
Photos: Holvi, bankUP