Digital banking has experienced impressive growth in Italy over the past few years. With banking platforms making it easy to send and receive money, this approach suits many types of customers, including startups. With the rise of digital banking in Italy, these companies can get business banking services that suit their needs better than traditional banks do.
Speed, cost efficiency, scalability, and the ability to make international payments are among the reasons why startups choose a digital bank account. Genome provides innovative Italian startup financial solutions that allow fintech companies to grow without worrying about their financial operations.
Why Italian startups need digital banking
There are some powerful reasons why many Italian startups choose a bank account from the digital banking sector. When compared to traditional banking services, this method makes life easier from the start by adapting to their needs and working practices.
Here are some of the main reasons why fintech companies and other startups prefer to handle their financial information and transactions in this way.
Faster setup compared to traditional banks
It’s easier to open a bank account online and start using it. There’s no need to visit a branch, avoiding one of the most time-consuming aspects of traditional banking services. Instead, the business can begin using digital banking services immediately.
It means that there’s nothing to stop a startup from making and receiving payments right away. If they need to take advantage of new markets and investment opportunities, having an account in place is necessary.
It could prove to be vital in helping the business to take its first steps towards success. Some entrepreneurs turn to personal loans or expensive SME financing to get started, but being able to receive payments online smoothly is better.
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Lower fees and transparent pricing
It’s also important for fintech businesses to find a cost-effective bank account. Low fees and competitive interest rates are among the key factors. Opening a digital account is a way of getting financial products without high operational costs..
The financial instruments offered by online banking services cover all the main types of transactions you might want to carry out. Startups with a good level of financial literacy understand from the beginning how important this is to them.
Large banking fees are always unwelcome, but they’re particularly bad for new companies. When trying to stick to a clear business plan, any unexpected charges can cause problems. If the startup needs to use a comprehensive suite of banking services, this could make it an expensive service.
International scalability and multi-currency access
Many startups require financial services that fit their global outlook. This means looking for a digital banking platform that lets them scale up and do business anywhere in the world. Access to multiple currencies is crucial. Other international solutions, such as fast global transfers, help Italian fintech startups look abroad for growth.
Risk management must be an integral part of international growth. This type of expansion has to be carried out with the right investment strategies and business plans. By choosing the right financial institutions, you make sure that your growth isn’t compromised.
Integration with digital-first business models
The use of artificial intelligence, embedded finance, and other key trends is helping Italian companies find new ways of working. By integration with a digital platform, they can use cutting-edge technology with their financial products, too.
Digital banking is a sensible way to manage assets and handle savings accounts. Teams that are used to dealing with the latest technology will find it a smooth transition to working with a digital or mobile banking platform. The traditional banking methods are no longer needed, allowing fintech companies to carry out their banking in a way that fits their model better.
Key features to look for in a startup banking solution
Choosing an account with the right features helps startups find a good solution. When searching for banking services, an Italian setup should consider the following areas.
An easy online onboarding and account approval. It allows the company to get started with no delay or fuss and start using the financial services they need. Even the KYC process can be carried out online without delay, in some cases. There should be no need to visit a bank branch to verify your identity or sign any papers.
Dedicated IBANs and SEPA transfers/international transfers. Such services enable companies to send money anywhere in the world from an online platform. There’s no need for international transfers to become a problem or cost a lot of money.
Multi-currency wallets. Small businesses with an international outlook will find it much easier to make and receive payments if they hold current accounts or wallets in different currencies. It is particularly important for Italian startups planning to do business on a global scale. Being able to add other currencies at any point can help them quickly move into new markets when it makes sense to do so.
Security and compliance (KYC/AML). Alongside technological innovation, startups need to be sure that the banking services offered meet all the current legal and regulatory requirements. A short KYC process carried out when opening the account gives confidence that the platform goes about meeting regulations in the right way.
Business debit cards and credit cards. These cards offer a convenient way for businesses to make online purchases and also enable their employees to spend on travel expenses. Expense management limits can be set according to the current financial needs and altered if necessary.
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Top digital banking solutions for Italian startups
Small and medium-sized enterprises can choose from a wide range of digital banking options. The following are some of the main companies to bear in mind when choosing.
Provider name | Onboarding process | Availability of IBAN accounts | Transfer options | Multi-currency support | Card options | Best for |
Genome | Online with a fast digital KYC process | Dedicated IBANs | SEPA & international (SWIFT) | Yes | Visa Business (physical and virtual) | EU startups that are looking for an all-in-one banking solution. |
Revolut Business | Online and fast | Local and IBAN accounts | SEPA & International | Yes | Physical and virtual | Companies that want to keep tight control over their spending limits |
Wise Business | Online and fast | Local and IBAN accounts | SEPA & International | Yes | Debit cards | Businesses looking to make global payments |
N26 Business | Online and fast | German IBAN | SEPA only | No | MasterCard | Freelancers and individual entrepreneurs |
These options all offer different benefits, with some also having drawbacks to consider. By thinking about what you need for online banking, you can work out how to proceed.
For example, you might consider the online boarding process to be the most important right now. If you want to get up and running without any delays, being able to open an account in a matter of minutes is a big help.
Alternatively, you might be more interested in the ability to carry out low-cost international transfers. It is a way of reaching customers and suppliers across the globe without incurring significant costs.
Why choose Genome?
Genome provides digital services that suit forward-looking startups in Italy. We help you carry out smart financial management and easier banking operations in the following ways.
All-in-one business accounts with multi-currency IBANs
The need to send money abroad or in the Italian market is vital. It is why the key offerings from Genome are designed to make it easy to find institutional solutions that help with the cash flow and outgoing transfers.
This type of account is ideal for SME banking in Italy. You can use our mobile banking services to stay in control of your funds at all times. With real-time updates, you won’t miss any payments you need to know about.
Quick digital onboarding for startups in Italy
When it comes to business banking for startups, a fast start is best. With a smooth online platform and digital KYC (Know Your Customer) process, you will be ready to use your account and cards in no time.
This full process can be carried out online. A new account is ready to use right away with the ability to add additional multi-currency accounts in EUR, USD, GBP, PLN, CHF, JPY, CAD, CZK, HUF, SEK, AUD, and DKK. It allows startups to open their accounts and get all the benefits that we’ve looked at here.
International payments with competitive rates
Sending and receiving funds internationally is important for companies operating in different markets. By getting access to a comprehensive range of payment options with competitive rates, you can ensure that sending money to other countries is simple.
It is where a multi-currency account is highly valuable. You won’t need to worry about whether you’ll lose out when you need to change into different currencies. Keeping separate multi-currency accounts with different currencies allows for easier money transfers without incurring large fees.
Batch transfers and Visa Business cards
Batch transfers are another useful option with startup current accounts. It allows businesses to pay several recipients at once (up to 3000 within Genome). Visa business cards are essential for making online purchases and also for spending when travelling for business reasons.
A look at the Italian fintech map reveals how startups are making an impact all over the country. With open banking, machine learning, and crypto assets among the leading technologies, many companies are creating new products. Having the right account types helps startups reach their financial goals more easily.
Secure and compliant with EU regulations
Online and mobile banking should only ever be carried out using a safe, compliant platform. You can be sure that Genome keeps your financial data secure while complying with all the relevant EU regulations. Avoid regulatory uncertainty or other bad financial decisions.
Opening a Genome business account means that you meet all the latest regulations in the EU, as we are PCI DSS, PSD2, GDPR, and DORA-compliant. It ensures your working capital is kept safe, and you can start to look at investment options when the time is right.
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in Genome online
How to choose the right solution for your startup
Choosing the best digital banking solutions for Italian startups means looking for the key points we’ve covered here. The cost issue should be considered, taking into account your overall financial management approach.
The next point covers your international needs. An Italian startup with suppliers or end customers in other countries must have the ability to send and receive money internationally. It helps new businesses to carry on growing and seeking new areas to operate in, without any worries about how to send money there.
Scalability is crucial for growing companies seeking online business accounts in Italy. While they might start with simple basic banking services, their needs change over time. Before long, savings accounts and other financial services may be required.
Reliable customer support is another area that can’t be overlooked. If you need any help, being able to get in touch effortlessly with a helpful support team allows any issues to be speedily resolved. Multilingual support is extremely helpful if you have team members in different locations who might need to get in touch.
