Czech Republic neobank targets e-shops and merchants

Czech Republic-based Octobank is launching what it claims is Europe’s first neobank dedicated to SMB e-shops and merchants.

The startup has introduced a freemium plan for small merchants registered in the Czech Republic that includes a business Iban account and debit card, expenses and transaction management tools, and recurring payments, invoicing and payroll services.

It is then offering a range of extra premium services such as extra Iban accounts in local currencies, insurance, micro loans, and payment acceptance tools. Customers will pay either commission or monthly subscriptions for these.

All services are offered through the web and Android and iOS apps, with the company promising online biometric-based onboarding, verification and authentication.

Bogdan Atanasiu, CEO, Octobank, says: “Octobank comes as the response to the small and medium-size businesses’ needs to access banking, payments and beyond solutions easily, quickly and securely, but also to have all of these solutions interconnected in one environment, resulting in a more efficient and less expensive way to contract such services and products.”

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