Neobanks for businesses have certain features that make them stand out, such as the ability to create multiple company cards, integration with accounting tools, or the ease of making international transfers in various currencies.
Qonto
Qonto is a neobank designed for businesses, SMEs and freelancers, offering a 100% online current account with a Spanish or French IBAN, fast setup, and no hidden fees. Key features include managing multiple sub-accounts for cash flow organisation, issuing physical and virtual Mastercard cards for employees, free instant SEPA transfers, integration with accounting and invoicing tools, and Spanish-speaking support seven days a week. It also allows for online company incorporation in a few days, access to funding of up to €1 million through partners, and collaborative features for teams, making expense management and bank reconciliation easy from a single, intuitive app.
Revolut Business
Revolut Business is a digital financial platform for businesses and freelancers that enables management of multi-currency accounts, international payments and transfers in over 25 currencies, and the issuance of both physical and virtual employee cards — all from one app. Advantages include fee-free international payments using the interbank exchange rate, centralised and automated expense control with real-time monitoring, integration with accounting software such as Xero or QuickBooks, and the ability to set customised limits and approvals for each user or card. Additional features include recurring payments, real-time financial reporting, 24/7 support, and flexible plans suited for businesses of all sizes — from startups to large corporations.
Payhawk
Payhawk is an expense and payment management platform for businesses that offers physical and virtual cards with custom controls, invoice automation, and bank reconciliation. It allows management of multiple companies from a single dashboard and integrates with ERPs like Oracle NetSuite and QuickBooks. Key benefits include greater real-time visibility and control, reduced admin workload, and support for international payments in multiple currencies.
N26 Business
N26 Business is a digital current account designed for freelancers and self-employed professionals, helping separate personal and business finances, all managed via a user-friendly app. It offers a free option with no maintenance fees, a Mastercard (free virtual, optional physical), fee-free SEPA transfers, 0.1% cashback on purchases, and instant notifications. Premium plans add benefits such as travel insurance, more free ATM withdrawals, sub-accounts for money management, and phone support. Account management is 100% online, with chat or phone support depending on the plan, and funds are protected up to €100,000 by the German Deposit Guarantee Scheme.
Finom
Finom is a digital financial platform built for SMEs, freelancers, and startups, offering quick and simple online business account setup. It provides a European IBAN, free physical and virtual cards, instant SEPA transfers, and cashback on purchases. It centralises the management of payments, expenses, and invoicing in a single app, with tools to monitor employee spending, issue invoices in multiple currencies, and receive real-time alerts. Finom stands out for its user-friendly interface, integration with accounting software, and flexible plans — including a free option.
Can I sync them with my accountant?
Neobanks can be synced with accounting and bookkeeping tools. However, it is important to check compatibility with each provider. The more popular the tool, the better. Thanks to integration via APIs and banking aggregators, it is possible to link neobank accounts with accounting and financial management software, enabling the automatic import of transactions, bank reconciliation, and real-time updates of financial data. This compatibility helps automate administrative tasks and centralise data, streamlining accounting processes for businesses and freelancers.
Which neobank is best for foreign currencies?
Among the neobanks mentioned, Revolut Business offers the best exchange rates, with access to the interbank rate and low fees. N26 also enables fee-free international payments, though with fewer options, and Finom offers currency exchange with a small fee. In short, Revolut stands out for its flexibility and favourable conditions for multi-currency transactions.
Compatibility with foreign-based companies
Using a neobank can be a good option if your business is based abroad, as they allow account management and operations from anywhere, offer low fees, access to currencies, and fully digital services. However, it is important to ensure that the neobank is regulated in the country where you operate and offers proper protection for your funds, as not all have the same coverage or banking licences as traditional banks. Additionally, some services may be limited depending on local regulations or the type of licence the neobank holds.
What are the risks of neobanks?
The main disadvantage of neobanks is the lack of physical branches and personal service, which can make solving complex or urgent issues more difficult. They also tend to offer a more limited range of financial products compared to traditional banks, may impose account freezes or blocks for security reasons, and are entirely dependent on technology, which can mean no access in case of technical failures. Customer support may be limited, and in some cases, they offer less regulatory protection, as well as difficulties in handling cash or certain services like direct debits or Bizum.
Some neobanks that have blocked accounts have taken months to unblock them, as the procedures are entirely online.
My personal opinion
I believe it’s quite interesting that some of these neobanks can also serve as a useful source of funding. Additionally, the ability to save in different currencies is a significant advantage, especially during inflationary periods or when working with clients who use foreign currencies.
However, one must be very cautious with cases of accounts being frozen for months. Make sure the neobank you choose is not prone to this, as it can be extremely damaging — even psychologically distressing.