Genome for businesses: can it compete with challenger banks?
Although the number of fintech companies grows exponentially each year, not all businesses are eager to test their services
Malta has a population of just over 500,000, thousands of new companies are registered annually, and as of 2021, about 133,000 legal entities are active. Let’s compare it to Great Britain, the economic whale of the region: for 67 million people, there are about 3.2 million companies (that’s a legal entity per 20 people). While in Malta, this figure is about three people per company.
Isn’t it great that your easy business registration can be accompanied by a simple business account opening? Here’s where the topic of today’s article comes around.
Although the number of fintech companies grows exponentially each year, not all businesses are eager to test their services. Some prefer the old route of using brick-and-mortar banks, while others haven’t found a trustworthy fintech institution yet.
Genome, a Lithuania-based electronic money institution, targets both these groups: contrary to traditional banks, the company offers bureaucracy-free account opening and enables multiple security tools to protect customers’ experience from day one. Genome has cultivated the whole financial ecosystem that takes a client through all the main banking phases: from personal wallet services to business wallet opening and merchant account application. So that a client can easily upgrade from their personal wallet to a business one or start a business wallet from scratch – all with minimum effort and maximum financial instruments included.
“Our team consists of experts that previously worked within the banking industry. Thus, when coming up with the consent of Genome, we doubled down on our previous experiences to create a product that encompasses everything a business needs from the financial provider while excluding all the annoying stuff about traditional banks. We simplified the onboarding and made it so that our clients can reach all the features online anytime. The team also ensured the platform is secure: we abide by the same strict rules as banks, comply with PSD2, PCI DSS, and other regulations,” explains the company’s CEO Daumantas Barauskas.
So, what are the features that significantly elevate the experience of Genome’s corporate clients?
Multiple IBANs available in different currencies
A company can add up to 15 accounts in seconds from the dashboard within the business wallet with no additional documents required. A business can utilize the accounts with IBANs in EUR and add additional GBP and USD currencies for various purposes. One account can be used for corporate expenses, while you can save funds on the other one, the third can be utilized to pay salaries, another one – for marketing expenses, and so on. SEPA transfers are available, as well as free instant transfers between Genome accounts. Currency exchange between them is free.
Employees-shared account management
Multiple company employees can run the business wallet via the access management feature. The employees need to pass the KYC procedure and then can get assigned different roles within the company’s business wallet. Thus, they can share the workload in an efficient, clever way.
Corporate virtual and physical cards
Your business can order cards online. Physical Visa debit cards are delivered around the EU. And virtual cards will be available for online payments and contactless purchases minutes after clients apply for these. The cards are an excellent tool for corporate spending management – the employees can use these for corporate expenses, while the wallet owner has full access to transaction history.
Security token to control outgoing payments
The wallet owner gets a separate device to approve all the company’s outgoing transfers. It elevates the wallet security and allows a trusted employee to leave said token to authorize payments when the wallet owner is away.
Easy merchant account application
If a company needs to sell the merchandise or accept payments for services, it can start a merchant account inside Genome. After applying online, the business can receive money in 20 currencies and provide customers with over 40 alternative payment methods. All the transactions are tracked inside the account, and the reports on chargebacks, transactions, and more will allow analyzing how your sales are doing. Genome uses anti-fraud tools to protect merchants from scammers and revenue drops. The batch payouts are available for paying salaries, contractors, etc.
Overall, Genome’s team provides human customer support via multiple channels to ensure the customers are seen and heard.
“At the end of the day, convenience, security, and service diversity are the three pillars we have built Genome on. Those principles remain at the core of our company to this day”, CEO Daumantas Barauskas said.
Genome’s team has been actively developing the company for the last couple of years, which allowed them to get top spots among other European Fintechs by growth rates.
“For now, the team will continue working on establishing more contactless features, which are in high demand in our fast-paced, digital world. And we will also be expanding our transfer services to many more countries. I really feel like we caught the rhythm from the very start and aren’t planning to stop,” Daumantas Barauskas said.
