The UK-based cross-border payment provider Kapaga, which helps small and medium-sized businesses conduct business internationally, has been obtained by FINOM, the digital financial services platform for SMEs and independent contractors.
It is anticipated that the takeover will strengthen FINOM’s financial services for SMEs and support its expansion in the UK and Europe.
FINOM has created a mobile-first platform that combines a variety of top-notch backbones management products into a comprehensive back-office solution for small business owners and independent contractors. E-invoicing, SEPA-compliant SEPA transactions, and digital wallets are among the readily available services.
Kos Stiskin, Co-Founder of FINOM, stated, “Entrepreneurs and freelancers are the backbone of the European economy, producing $8 trillion of value annually, but costly and time-intensive bureaucracy means they cannot run their business as efficiently as possible.”
With 190+ countries and many currencies available for sending and billing, Kapaga’s cloud architecture gives businesses transparency and efficiency in expediting cross-border payments. This is done through a solitary, secure application process.
To offer specialized solutions to lone freelancers, mid-sized companies, and corporate clients throughout Europe and the UK, these various payment services will be combined through the merger.
Katya Dorofejeva, Founder and CEO of Kapaga, commented, “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. There is currently no continental FinTech player that equally serves the UK and Europe in specifically targeting SMEs – until now! This merger solidifies two companies’ pursuits of providing tailored payment services for the entire continent.”