FINOM

FINOM operates as an electronic money institution across Germany, France, Italy, the Netherlands, Belgium, Spain, Poland, Portugal, and Austria, making it one of the few all-free options for freelancers across continental Europe. The company partners with licensed financial institutions in each country, Solaris in Germany and Italy (approved by BaFin, Germany's financial regulator) and Treezor in France (approved by the ACPR), to deliver accounts and payment services without holding its own banking or payment institution licence. This model keeps overhead low and allows FINOM to offer accounts at no monthly cost for solo freelancers, a pricing approach that stands out in a category where most competitors charge subscription fees.

The solo freelancer package starts at €0 per month, with account setup completed online in 24 hours. You receive a local IBAN in your country, free physical and virtual Visa cards, and the ability to hold and exchange money in 17 currencies. The free tier includes invoicing tools, receipt management for expense tracking, and up to 1% cashback on card spending. For freelancers who rarely hire or need team collaboration, this free option makes FINOM worth considering purely on cost. If you're bootstrapping a business or doing your first year as a solo operator and want to minimize overhead while you're figuring out what works, starting with FINOM's free account costs nothing to test.

Moving up from the solo tier, FINOM's Basic plan at €17 per month (annual billing) adds a second user account and 1% cashback on all card purchases, useful if you want to share login access with an accountant or bookkeeper. The Smart plan at €34 per month (paid yearly) increases cashback to 3%, adds team expense management so you can track who spent what if you have contractors or part-timers, and includes automated reconciliation features that sync your spending directly into accounting software. At the higher end, FINOM's Pro and Grow plans (€119 to €249 per month) are pitched at small teams and growing businesses rather than solo freelancers, adding unlimited team members, advanced reporting, and priority support. All plans give you access to international payments across 150 countries with competitive exchange rates, critical if you're invoicing clients or suppliers outside your home country.

The cashback component is a genuine practical benefit. Where most business accounts charge you fees, FINOM returns a percentage of spending back into your account. On the Smart plan's 3% cashback, a freelancer spending €1,000 monthly on business expenses (software subscriptions, office equipment, client travel) earns €30 back each month, which adds up to €360 per year. It's not substantial enough to be a primary reason to switch, but it's a meaningful offset against the subscription cost if you're on a paid tier. The catch is that cashback applies only to card spending, not transfers or invoicing, so it rewards operational expenses rather than your full business spend.

FINOM's invoicing system lets you create and send invoices directly from the app, with automatic payment tracking and reminders. You can set up recurring invoices for clients you bill monthly or on a fixed schedule, and the system notifies you when a payment lands. Receipt management is integrated, so you photograph or upload receipts and the platform extracts merchant name, amount, and date for expense categorization. The integration with bookkeeping software means your transactions flow into your accounting setup without re-entry. For freelancers and sole traders who want invoicing and accounting all in one place without patching together three separate tools, this all-in-one approach saves time and reduces data-entry errors.

The regulatory status as an electronic money institution is important to understand. FINOM doesn't hold your deposits directly; instead, partner banks in each country do so, and your funds are protected by deposit guarantee schemes in those countries up to €100,000. This is the same model as other major fintechs across Europe. It means FINOM is regulated but doesn't carry the full burden and compliance cost of a banking licence, which is why they can offer free accounts. If you're moving substantial business savings through an account, it's worth checking that the partner bank structure is clear and that your funds fall within deposit protection limits.

FINOM appeals most to freelancers seeking the lowest possible cost of entry or who already operate across multiple European countries and want a single account with multi-currency support. The free solo tier makes it appealing for people just starting out or testing a new business idea before committing to paid tools. The cashback on the paid plans provides a tangible discount on business spending, which matters if you're running up regular expenses on software, travel, or office equipment. The team access on higher-tier plans is useful if you're bringing in part-time help or sharing finances with a co-founder. The main constraint is that FINOM works best if you can operate a formal business registration in one of its nine supported countries; it's also built for people with regular invoicing, not cash-based or informal work. If your business is operating on the margins or outside tax registrations, FINOM's compliance requirements will block you.

The card options on all FINOM plans include both physical and virtual Visa cards. The physical card works worldwide at ATMs and shops, and you can set individual spending limits on cards issued to team members. Virtual cards are useful for online payments and subscriptions, and you can generate new virtual card numbers for different merchants or projects if you want to isolate spending or manage vendors separately. This granular card control is valuable if you're concerned about fraud or want to compartmentalize spending by client project or business line.

The account setup speed at 24 hours is faster than traditional banks and competitive with other fintechs. FINOM pushes the idea that freelancers shouldn't need to choose between simplicity and functionality, and the free tier proves that point. The company is private and well-funded, giving it runway to keep improving the product. For freelancers in Germany, France, or Italy who want business banking at minimal or no cost and are comfortable with the electronic money institution model, FINOM is a pragmatic choice that lets you start managing finances properly without a big upfront subscription expense.