Finmo Launches Multi-Currency Business Account for SMEs

Finmo's new Business Account addresses a common challenge for SMEs: the historical separation between services that move money and software that provides financial oversight. According to Finmo Co-Founder and CEO David Hanna, businesses have typically had to choose between these two functions. The integrated platform aims to bridge this gap, allowing companies to both understand their financial position and execute transactions within a unified system.

The Business Account facilitates international operations by enabling SMEs to collect payments in over 45 currencies using local account details and to hold more than 27 currencies. It also supports sending money to over 195 countries and territories, streamlining complex cross-border transactions. This consolidation of capabilities reduces the need for disparate systems when managing international payments.

Complementing these transactional features, the account integrates with Finmo Treasury, a tool designed to consolidate balances across various entities and banks. Finmo Treasury provides 13-week cash flow forecasts, which can help finance teams identify potential funding gaps. The platform allows for real-time movement of funds and currency conversions, meaning that once a financial need or opportunity is identified, the necessary action can be taken immediately on the same platform. This integration is underpinned by Finmo's 11 regulatory permissions across eight markets.