April 23, 2024

Mergers & Acquisitions

Finom Gets a Boost, Acquires Kapaga

Finom Gets a Boost, Acquires Kapaga

Finom, a fintech company that provides online financial solutions for small businesses (SMEs), has purchased Kapaga- a paytech firm, for an estimated £10 million. The acquisition will enable Finom to consolidate different paytech facilities for freelancers/ entrepreneurs, mid-sized businesses, and corporate clients throughout Europe and the UK. It will also allow Finom to accelerate its growth plans.

Finom’s portable platform integrates financial planning solutions into a back-office facility, including electronic invoicing, SEPA money transfers, and electronic wallets.

Kapaga’s cloud infrastructure, launched in 2020, provides businesses with greater transparency in optimizing international payments. Users can send relevant bills and transfer money to more than 190 countries. The transfers can be done in multiple currencies in a single-window procedure.

Kos Stiskin- one of the co-founders of Finom, stated that the new platform would fulfill the banking needs of small and medium businesses allowing them to deal with bureaucracy-related bottlenecks. The Chief Executive Officer of Kapaga, Ms. Katya Dorofejeva, said that the new platform would be the first of its kind fintech providing services across the UK and Europe.

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