Flowe.com Review

Based on looking at the website Flowe.com, it appears to have transitioned from a consumer-focused challenger bank to a Banking-as-a-Service BaaS provider, primarily serving businesses.

The site explicitly states, “Il nostro viaggio è giunto al termine: Flowe interrompe l’offerta dedicata ai Privati” Our journey has come to an end: Flowe is discontinuing its offering dedicated to individuals, indicating that their personal banking services are no longer available.

This immediately raises a red flag for any individual looking for personal finance solutions, as the core service for which many might search the name is no longer offered.

Overall Review Summary:

• Service Offering: Primarily Banking-as-a-Service BaaS for businesses, not individuals.
• Previous Individual Services: Discontinued as of October 2023.
• Ethical Considerations Islamic Perspective: As a BaaS provider, the ethical assessment largely depends on the underlying financial products and services integrated by client businesses. However, the explicit mention of being founded by Banca Mediolanum, a conventional bank, and offering financial products such as “conto” account and “carta” card suggests engagement in interest-based financial systems, which are generally not permissible in Islam. The website mentions “Moneta Elettronica” Electronic Money Institution and “standard di compliance,” but these do not inherently guarantee Sharia compliance. The focus on “rigenerazione del Pianeta” planet regeneration is commendable from an ethical standpoint but doesn’t override core financial permissibility.
• Transparency for Individuals: High, as they clearly state the discontinuation of individual services.
• Website Design & Usability: Clean, modern, and professional, with clear calls to action for businesses.
• Trust Indicators: Founded by Banca Mediolanum, mentions awards for app design though for a discontinued service.

The detailed explanation reveals that Flowe.com, while presenting a polished and modern interface, is no longer relevant for individuals seeking personal banking services.

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Their shift to a B2B model in the “Embedded Finance” and “Banking-as-a-Service” space means their offerings are now tailored for businesses looking to integrate financial solutions.

For Muslims, the association with conventional banking structures and the inherent nature of conventional financial products accounts, cards typically involve interest riba, which is strictly prohibited.

Therefore, while Flowe.com might be a legitimate BaaS provider in the conventional sense, its foundational connection to interest-based finance renders its services and the services of its B2B clients, if they mirror conventional banking problematic from an Islamic ethical perspective.

Best Alternatives for Ethical Financial Management Non-Flowe Niche:

For individuals seeking ethical financial solutions that align with Islamic principles, or for businesses looking for ethical payment processing that avoids interest, traditional conventional banking services like those hinted at by Flowe.com’s past or current partnerships are generally not suitable.

Instead, the focus should be on Sharia-compliant alternatives.

• Amana Bank: A fully Sharia-compliant bank offering various personal and business banking services, including current accounts, savings, and financing options that adhere to Islamic principles, avoiding interest.
• Guidance Residential: Specializes in Sharia-compliant home financing Murabaha and Ijara models, offering a viable alternative to conventional mortgages that involve interest.
• Wahed Invest: A global Sharia-compliant digital investment platform providing ethical investment portfolios that avoid prohibited industries like alcohol, gambling, and conventional finance, and ensure investments are halal.
• Zoya App: An app and platform for Muslims to screen stocks for Sharia compliance, helping users make ethical investment decisions based on Islamic guidelines.
• Islamic Finance Guru IFG: A comprehensive resource and platform that reviews Sharia-compliant financial products, including ethical banking, investments, and business solutions, offering a directory of suitable options.
• Muslim Pro Zakat Calculator: While not a direct financial service, this app offers a robust Zakat calculator and resources, helping Muslims fulfill their financial obligations ethically and accurately. For broader financial tools beyond Zakat, consider Islamic financial literacy platforms.
• Halal Co-op Community-Based Solutions: While specific widespread offerings vary, community-based cooperatives and initiatives often provide interest-free lending Qard Hasan and mutual aid, aligning with Islamic ethics for specific financial needs, especially for smaller community-driven projects.

Find detailed reviews on Trustpilot, Reddit, and BBB.org, for software products you can also check Producthunt.

IMPORTANT: We have not personally tested this company’s services. This review is based solely on information provided by the company on their website. For independent, verified user experiences, please refer to trusted sources such as Trustpilot, Reddit, and BBB.org.

Flowe.com Review & First Look

Based on checking the website Flowe.com, it’s clear that this platform has undergone a significant transformation.

What was once a challenger bank targeting individual consumers has now pivoted entirely to a Banking-as-a-Service BaaS model, focusing on businesses.

This is immediately evident from the prominent banner stating, “Il nostro viaggio è giunto al termine: Flowe interrompe l’offerta dedicata ai Privati” Our journey has come to an end: Flowe is discontinuing its offering dedicated to individuals. This stark announcement directly answers the primary question many might have when landing on the site: is Flowe.com still an option for personal banking? The answer is a definitive no.

Understanding the Pivot

The website explains that Flowe is now dedicated to “ripensiamo il Banking-as-a-Service a favore della rigenerazione del Pianeta” rethinking Banking-as-a-Service for the regeneration of the Planet. This shift means they are no longer providing direct financial services to individuals but rather offering “Embedded Finance” products that are “personalizzati, modulabili e rapidi da integrare” for businesses.

Essentially, Flowe provides the financial infrastructure and technology that other companies can embed into their own services, allowing them to offer financial solutions to their customers without building everything from scratch. Seawean.com Review

Ethical Review from an Islamic Perspective

From an Islamic financial perspective, the assessment of Flowe.com becomes nuanced due to its BaaS model.

While Flowe itself is not directly offering interest-based products to individuals anymore, its role as an Electronic Money Institution EMI founded by Banca Mediolanum, a conventional bank, suggests its underlying operations are likely rooted in conventional financial practices.

The “conto” account and “carta” card products mentioned on the business solutions page, even if for B2B integration, would typically involve conventional banking mechanisms, including interest.

• Interest Riba: Conventional banking operates on interest, which is strictly prohibited in Islam. Unless Flowe explicitly states that its BaaS solutions are designed to be Sharia-compliant and offer interest-free alternatives to its business clients, it’s highly probable that interest is involved in the broader ecosystem it supports.
• Transparency on Sharia Compliance: There is no mention of Sharia compliance or Islamic finance on the Flowe.com website. This absence indicates that their offerings, by default, would adhere to conventional financial standards, which are not permissible for Muslims.
• Positive Social Impact: The focus on “rigenerazione del Pianeta” and being a “Società Benefit” Benefit Corporation is positive from a general ethical and sustainability standpoint. However, good intentions regarding environmental impact do not supersede the fundamental prohibition of interest in Islamic finance.

Initial Impressions and Usability

The website is professionally designed with a clean, modern aesthetic.

The navigation is straightforward, clearly guiding businesses to their contact page and product descriptions Wallet, Account, Card as BaaS solutions. The prominent banner regarding the discontinuation of individual services is a testament to their transparency for the average user who might land on their site expecting personal banking. Beandlu.com Review

Flowe.com Pros & Cons Focus on Cons for Islamic Compliance

When evaluating Flowe.com from an Islamic ethical standpoint, the “Pros” section becomes significantly limited, as the foundational nature of conventional banking even in a BaaS model conflicts with key Islamic financial principles.

Thus, the emphasis shifts to understanding the inherent “Cons” and why this platform, despite its modern façade, may not be suitable.

Inherent Cons from an Islamic Financial Perspective

The primary and overarching con for Flowe.com, when viewed through an Islamic lens, stems from its direct connection to and support of conventional financial systems.

• Association with Interest Riba: Flowe was founded by Banca Mediolanum, a conventional bank. While Flowe itself now operates as an Electronic Money Institution and BaaS provider, its services inherently facilitate or are built upon conventional financial instruments that typically involve interest. Islamic finance strictly prohibits interest riba, considering it an exploitative practice. Any financial product or service that generates or relies on interest is deemed impermissible.
• Lack of Sharia Compliance: The website makes no claims or provides any evidence of Sharia compliance. This absence is a strong indicator that their products and services adhere to conventional financial regulations and practices, which do not align with Islamic principles. For a platform to be considered permissible, it would need explicit Sharia supervision, certifications, and a clear framework for avoiding prohibited elements like interest, excessive uncertainty gharar, and gambling maysir.
• Unclear Underlying Transactions: As a BaaS provider, Flowe enables other businesses to offer financial products. The permissibility for a Muslim user or business engaging with such a service would depend entirely on the specific underlying transactions and structures enabled. Without a clear commitment to Sharia-compliant embedded finance solutions, there’s a high risk of facilitating impermissible activities.
• Limited Scope for Ethical Choice: The BaaS model, by its nature, aims for broad integration. This means that Sharia compliance is unlikely to be a default feature. Businesses integrating Flowe’s solutions would need to independently ensure the ethical permissibility of their end-user offerings, which is a complex task.

Non-Applicable “Pros” for Individuals

For individuals, Flowe.com essentially has no “pros” because it no longer serves them.

Any past benefits related to its challenger bank features user experience, app design are now irrelevant as those services are discontinued. Vectorworksoutsourcing.com Review

Flowe.com Alternatives Ethical & Sharia-Compliant Options

Given that Flowe.com is primarily a Banking-as-a-Service BaaS provider deeply connected to conventional finance, seeking direct alternatives means looking for financial solutions that uphold Islamic principles from the ground up.

This involves identifying institutions and platforms that explicitly adhere to Sharia law, avoiding interest riba, excessive uncertainty gharar, and investments in prohibited industries.

Here are some ethical and Sharia-compliant alternatives for various financial needs, whether for individuals seeking personal banking or businesses exploring ethical payment and financial infrastructure.

These options are global or well-known within the US context, providing viable pathways for Muslims to manage their finances responsibly.

• Amana Bank 10dollarfloridasenior.com Review

  • Key Features: Full-service Islamic bank offering current accounts, savings accounts, financing Murabaha, Ijara, Musharaka, and investment products that are strictly Sharia-compliant. Aims to provide ethical alternatives to every conventional banking product.
  • Price: Varies by product, generally competitive with conventional banks but structured to avoid interest.
  • Pros: Fully Sharia-compliant, broad range of services for individuals and businesses, focus on ethical investment, transparent operations.
  • Cons: Availability may be geographically limited though increasingly global, product range might not be as vast as conventional banks due to compliance constraints.

• Guidance Residential

  • Key Features: A leading provider of Sharia-compliant home financing in the United States. They use diminishing Musharaka and Ijara models, avoiding interest-based mortgages, making homeownership accessible ethically.
  • Price: Competitive financing rates structured as rent or profit-sharing, not interest.
  • Pros: Pioneer in Islamic home financing in the US, well-established and trusted, transparent contracts, fulfills a critical need for ethical homeownership.
  • Cons: Specific to home financing, may require more paperwork than conventional loans due to unique Sharia structures.

• Wahed Invest

  • Key Features: A global ethical robo-advisor offering Sharia-compliant investment portfolios. Screens investments rigorously to exclude industries like alcohol, tobacco, gambling, conventional finance, and weapons, ensuring halal returns.
  • Price: Low management fees, typically a percentage of assets under management e.g., 0.25%-0.99%.
  • Pros: Accessible for various investment levels, fully Sharia-compliant portfolios, easy-to-use digital platform, diversified investment options.
  • Cons: Automated investment, so less direct control over specific stock choices, performance tied to market fluctuations.

• Zoya App

  • Key Features: A powerful mobile application and web platform that allows users to instantly screen stocks for Sharia compliance. It provides detailed reports on a company’s business activities, financial ratios, and permissibility according to leading Islamic scholars.
  • Price: Free basic version, premium subscription for advanced features e.g., ~$10-$15/month.
  • Pros: Essential tool for Muslim investors, comprehensive compliance reports, easy to use, helps make informed ethical investment decisions.
  • Cons: Requires manual stock screening, doesn’t offer investment management directly, reliant on user’s investment platform.

• Islamic Finance Guru IFG

  • Key Features: While not a direct financial product, IFG is an invaluable resource for Muslims seeking Sharia-compliant financial advice and products. They provide detailed reviews, guides, and directories of ethical banking, investment, and business solutions globally, including in the US.
  • Price: Content is mostly free. some premium guides or services may have a cost.
  • Pros: Comprehensive and well-researched information, trusted source in the Islamic finance community, helps users navigate complex financial topics ethically.
  • Cons: Information-based, not a direct financial service provider.

• Islamic Banking Broad Category Search

  Trinitykicking.com Review

  • Key Features: This represents the broader concept of searching for ethical banking services. While not a single entity, it encompasses various emerging and established Islamic banks and financial institutions that operate on principles of profit-and-loss sharing, asset-backed financing, and ethical investment, avoiding interest.
  • Price: Varies by institution.
  • Pros: Provides a wide range of options as the Islamic finance industry grows, caters to diverse financial needs.
  • Cons: Requires careful research to vet individual institutions for true Sharia compliance and regulatory soundness.

• Halal Business & Trade Broad Category Search

  • Key Features: This category encompasses a focus on ethical business practices and trade that align with Islamic principles. Rather than relying on conventional financial instruments, it emphasizes direct investment, partnership Musharaka, and honest trade Murabaha as the basis for economic activity. For businesses looking for “BaaS” type solutions, this implies seeking partners who facilitate such ethical transactions directly.
  • Price: Varies based on specific business models and partnerships.
  • Pros: Directly adheres to Islamic economic principles, fosters real economic activity, promotes justice in transactions.
  • Cons: May require more bespoke solutions and due diligence to ensure compliance in complex business structures.

How to Cancel Flowe.com Subscription for Previous Personal Accounts

For individuals who previously held a personal account with Flowe.com, the website has clearly stated that their “viaggio è giunto al termine: Flowe interrompe l’offerta dedicata ai Privati” Our journey has come to an end: Flowe is discontinuing its offering dedicated to individuals. This means that personal accounts are no longer active, and Flowe has already taken steps to close these accounts.

Understanding the Account Closure Process

The website provides a dedicated link: Leggi qui. Clicking this link reveals detailed information regarding the closure of personal accounts.

• Automatic Closure: Flowe initiated the closure of all private accounts as of October 2023. This implies that users did not need to manually cancel a “subscription” as the service itself was being discontinued.
• Funds Transfer: Flowe directed users to transfer any remaining funds from their Flowe accounts to another bank account. They provided a grace period for this.
• Communication: Users were likely informed through various channels, including email and in-app notifications, about the impending closure and necessary steps.
• No Active Subscriptions: Since the service is discontinued, there are no ongoing “subscriptions” for individuals to cancel. The process was managed by Flowe as part of their business pivot.

What if You Still Have Concerns?

If a former individual account holder has any lingering concerns regarding their account, funds, or data, the best course of action would be: Megachess.com Review

• Review Flowe’s Official Communication: Check any emails or notifications from Flowe regarding the account closure.
• Contact Flowe Support if available for past users: While their primary focus is now on businesses, they might have a limited support channel for past individual account holders regarding closure-related queries. The general contact page is Contattaci.
• Check Your Other Bank Accounts: Verify that any funds transferred from Flowe reached their intended destination.

It’s important to note that for new users or those looking for personal banking, Flowe.com is no longer an option, and therefore, the concept of “cancelling a subscription” is moot.

Flowe.com Pricing for Business-to-Business Services

Flowe.com has transitioned entirely to a Banking-as-a-Service BaaS model, meaning their “pricing” is no longer relevant for individual consumers.

Instead, their financial structure revolves around providing customizable Embedded Finance solutions to other businesses.

The website does not publicly list specific pricing tiers or packages for these B2B services, which is typical for such enterprise-level offerings.

Understanding BaaS Pricing Models

For BaaS platforms like Flowe, pricing is generally bespoke and depends heavily on the specific needs and integration requirements of the client business. Bekkertechnologies.com Review

Common elements that influence BaaS pricing include:

• Modular Product Integration: Flowe mentions “prodotti di Embedded Finance personalizzati, modulabili e rapidi da integrare” customized, modular, and quick-to-integrate Embedded Finance products. This suggests pricing might be based on which modules a business chooses e.g., Wallet, Account, Card functionalities.
• Transaction Volume: Many BaaS providers charge based on the volume of transactions processed through their platform. This could be a per-transaction fee or a tiered pricing structure based on monthly or annual transaction counts.
• Setup and Integration Costs: Initial setup fees, API integration support, and customization services would likely incur upfront costs.
• Ongoing Maintenance and Support: Monthly or annual fees for platform access, technical support, and compliance updates are common.
• Scalability: Pricing might scale with the client’s growth, offering more favorable rates for higher volumes or broader service adoption.

How to Get Pricing Information

For businesses interested in Flowe’s BaaS solutions, the website’s call to action is consistently “Contattaci” Contact us. This directs potential business clients to initiate a dialogue where Flowe’s sales team can understand their specific requirements and then provide a tailored proposal and pricing structure.

This consultative sales approach is standard for complex enterprise solutions rather than fixed, publicly listed prices.

Implications for Ethical Businesses

For businesses aiming for Sharia-compliant operations, engaging with Flowe for BaaS would require rigorous due diligence.

Even if the pricing model itself is transparent, the underlying financial mechanisms facilitated by Flowe’s “Wallet,” “Account,” and “Card” products would need to be meticulously vetted to ensure they do not involve interest, excessive gharar uncertainty, or other impermissible elements. 597degrees.com Review

Given Flowe’s conventional banking lineage, a direct, public statement on Sharia compliance for their BaaS offerings would be necessary for a Muslim business to consider them.

Without such explicit assurance, the default assumption is that their services operate on conventional, interest-based models, which are problematic.

Flowe.com vs. Conventional Banking for Businesses

The comparison of Flowe.com to conventional banking, particularly from a business perspective, highlights a key trend in the financial industry: the rise of embedded finance and specialized Banking-as-a-Service BaaS providers.

Flowe.com’s Value Proposition BaaS Model

Flowe’s current offering is not a direct competitor to a traditional bank in the sense of providing standard business loans or treasury management directly.

Instead, Flowe positions itself as an enabler for other businesses to offer financial services. Fairwayuk.com Review

• Agility and Speed: Flowe emphasizes “rapidità di integrazione” speed of integration and “modulabili” modular products. This means businesses can quickly embed payment, wallet, or account functionalities into their existing non-financial products or services without the lengthy and complex process of becoming a regulated financial institution themselves.
• Cost Efficiency: For many businesses, building financial infrastructure from scratch is prohibitively expensive and time-consuming. Leveraging a BaaS provider like Flowe allows them to bypass these costs, essentially “renting” the necessary financial technology and regulatory compliance.
• Focus on Core Business: By offloading financial operations to Flowe, businesses can concentrate on their core competencies and customer experience, enhancing their offerings with financial tools without diverting significant resources.
• Innovation: BaaS providers often drive innovation by offering cutting-edge APIs and technological solutions that traditional banks might be slower to adopt or make accessible. Flowe’s focus on “Design innovativo” and “effective user experience” points to this.

Conventional Banking’s Role for Businesses

Conventional banks continue to be the backbone of financial services for businesses, offering a comprehensive suite of products:

• Full-Service Offering: Traditional banks provide everything from checking accounts and savings to complex lending facilities, treasury management, trade finance, and international banking services.
• Established Trust and Regulation: They operate under stringent regulations and have a long-standing history, which instills a high degree of trust, particularly for large corporations or complex financial needs.
• Direct Client Relationship: Banks maintain direct relationships with their business clients, offering personalized advisory services and tailored financial solutions.
• Capital Access: They are primary sources of capital for businesses through various loan products, lines of credit, and investment banking services.

Key Differences and Synergy

• Direct vs. Indirect: Conventional banks directly provide financial services. Flowe, as a BaaS provider, indirectly enables other businesses to provide financial services.
• Scope: Conventional banks offer a vast array of services. BaaS providers like Flowe offer specific, modular financial functionalities that can be integrated.
• Competition vs. Partnership: In many cases, BaaS providers are not competing directly with traditional banks but rather partnering with them or operating within their regulatory frameworks as Flowe does being founded by Banca Mediolanum. A conventional bank might even use a BaaS provider to enhance its own digital offerings.
• Ethical Considerations: For businesses aiming for Sharia compliance, both Flowe as a BaaS provider based on conventional banking and traditional banks present similar challenges due to their reliance on interest-based models. A business seeking ethical solutions would need to find Sharia-compliant alternatives for both its own financial needs and any embedded finance it wishes to offer its customers.

Flowe.com Features Non-Applicable for Ethical Use by Individuals

It’s crucial to reiterate that Flowe.com has discontinued its offerings for individuals.

Therefore, discussing its “features” in the context of personal use becomes irrelevant.

For businesses, Flowe.com provides “Banking-as-a-Service” BaaS solutions.

However, from an Islamic ethical perspective, these features are generally problematic due to their foundational connection to conventional interest-based finance. Frstraining.com Review

As such, these features are not recommended for ethical engagement by Muslim businesses or individuals.

Understanding Flowe’s Business-Centric “Features”

Flowe’s website outlines its BaaS products designed for businesses:

• WALLET: This likely refers to embedded wallet functionalities that businesses can integrate.
  • Description: Enables businesses to offer digital wallet services to their customers, allowing for storage of funds, peer-to-peer transfers, and in-app payments.
  • Ethical Issue: If the underlying funds in the wallet accrue interest or are managed through interest-based liquidity, it becomes impermissible. Even if the immediate user interaction seems clean, the back-end infrastructure is critical.
• CONTO Account: This implies embedded account services for businesses to provide to their clients.
  • Description: Allows businesses to offer virtual or sub-accounts to their users, enabling transactions, balance management, and potentially direct debits/credits.
  • Ethical Issue: Standard bank accounts in conventional finance are often interest-bearing or facilitate interest-based lending, rendering them problematic. Without explicit Sharia-compliant structuring, these accounts would not be permissible.
• CARTA Card: This refers to embedded card issuing capabilities for businesses.
  • Description: Businesses can issue branded debit or prepaid cards to their customers, linking them to the embedded accounts or wallets for physical and online purchases.
  • Ethical Issue: The underlying financial settlement system for cards often involves interest, especially for credit cards or if the issuer profits from interest-based liquidity. Moreover, the nature of the transactions facilitated by the card e.g., purchases from impermissible businesses also needs consideration.

Broader BaaS Capabilities Mentioned by Flowe:

• Electronic Money Institution EMI: Flowe operates as an EMI, meaning it is authorized to issue electronic money. This allows for digital payment services.
  • Ethical Issue: While EMIs are generally about facilitating payments, the source of funds, how they are held, and any associated fees or profits can still be problematic if they involve interest or impermissible charges.
• Compliance Standards: Flowe states they apply “i migliori standard di compliance.”
  • Ethical Issue: “Compliance” here refers to conventional financial regulations e.g., AML, KYC, GDPR. It does not imply compliance with Islamic law.
• Planet Regeneration Focus: Flowe highlights its commitment to “rigenerazione del Pianeta” as a “Società Benefit.”
  • Ethical Issue: While environmental responsibility is highly valued in Islam, it does not validate financial dealings that are fundamentally impermissible like interest. It’s a commendable social initiative but does not make the underlying financial model Sharia-compliant.

In summary, while these features might be technologically advanced and commercially appealing for conventional businesses, their inherent ties to the interest-based financial system make them unsuitable for use by Muslims seeking to adhere to Islamic financial principles.

The core issue remains the absence of a Sharia-compliant framework for these services.

FAQ

How can I open a personal account with Flowe.com?

You cannot open a personal account with Flowe.com. Simplexstudios.com Review

The website explicitly states, “Il nostro viaggio è giunto al termine: Flowe interrompe l’offerta dedicata ai Privati,” meaning they have discontinued their personal banking services as of October 2023 and now focus solely on Banking-as-a-Service for businesses.

Is Flowe.com a legitimate company?

Yes, Flowe.com appears to be a legitimate company.

It was founded by Banca Mediolanum and has transitioned to a Banking-as-a-Service BaaS provider, offering embedded finance solutions to businesses.

What services does Flowe.com currently offer?

Flowe.com currently offers Banking-as-a-Service BaaS solutions, including embedded wallet, account, and card functionalities for other businesses to integrate into their products and services.

They no longer offer services directly to individuals. Mortonsalt.com Review

Is Flowe.com suitable for individuals seeking ethical financial solutions?

No, Flowe.com is not suitable for individuals seeking ethical financial solutions from an Islamic perspective.

Its services are now B2B, and its underlying connection to conventional banking implies involvement with interest-based systems, which are not permissible in Islam.

How does Flowe.com contribute to “planet regeneration”?

Flowe.com states it is a “Società Benefit” Benefit Corporation and focuses on “rigenerazione del Pianeta” by rethinking Banking-as-a-Service.

This suggests a commitment to environmental sustainability within its business operations and potentially through the types of businesses it partners with, though specific details beyond this mission statement are not provided.

What happened to Flowe’s personal banking app?

Flowe’s personal banking app and services were discontinued as part of their pivot away from individual customers in October 2023. Former users were directed to transfer their funds and the service was terminated. Pod.link Review

Are there any Sharia-compliant alternatives to Flowe.com for personal banking?

Yes, there are several Sharia-compliant alternatives for personal banking, such as Amana Bank for full banking services, and platforms like Wahed Invest for ethical investments.

Can businesses integrate Flowe.com’s services ethically for Muslim customers?

Integrating Flowe.com’s services ethically for Muslim customers would be highly challenging.

Unless Flowe explicitly offers Sharia-compliant BaaS solutions that avoid interest, gharar, and other impermissible elements at the infrastructural level, any embedded financial services built upon it would likely not be permissible.

Does Flowe.com offer interest-free accounts for businesses?

The website does not explicitly state that it offers interest-free accounts or services for businesses.

Given its conventional banking lineage, it’s highly probable that its financial mechanisms involve interest, which is standard in conventional BaaS. Shopzpresso.com Review

Where can I find Flowe.com’s contact information for business inquiries?

You can find Flowe.com’s contact information for business inquiries on their website by clicking the “Contattaci” Contact us link, which typically leads to a contact form or relevant email/phone details for sales.

Is Flowe.com regulated?

Yes, Flowe.com states it is an “Istituto di Moneta Elettronica” Electronic Money Institution founded by Banca Mediolanum and applies “i migliori standard di compliance,” indicating it operates under relevant financial regulations in its jurisdiction.

What is “Embedded Finance” as offered by Flowe.com?

Embedded Finance, as offered by Flowe.com, refers to the integration of financial services directly into non-financial products or services.

This allows businesses to offer banking functionalities like payments, accounts, or cards seamlessly within their own customer journey, powered by Flowe’s infrastructure.

Are the “Wallet,” “Conto,” and “Carta” products still available for individuals?

No, the “Wallet,” “Conto” Account, and “Carta” Card products are no longer available for individuals. Marsbim.com Review

They are now part of Flowe’s Banking-as-a-Service offering, designed for other businesses to embed into their own services.

What is Banca Mediolanum’s relationship with Flowe.com?

Banca Mediolanum is the founder of Flowe.com, indicating a foundational and perhaps ownership relationship.

This connection implies Flowe operates within the broader conventional financial ecosystem supported by Banca Mediolanum.

Can I invest with Flowe.com?

No, Flowe.com does not offer investment services for individuals.

Its current focus is on providing Banking-as-a-Service solutions for businesses.

For ethical investments, consider platforms like Wahed Invest.

Did Flowe.com win any awards?

Yes, Flowe’s native app likely from its previous consumer banking era received prestigious recognitions such as the IF Design Award 2021, Product of the Year 2021, and ADI Design Award 2021, highlighting its design and user experience.

How many accounts did Flowe.com register before its pivot?

According to the website, Flowe registered over “+700mila conti” 700,000 accounts from the start of its service until October 2023, before the pivot to its current BaaS model.

Is Flowe.com involved in crypto or digital assets?

The website text does not explicitly mention involvement in crypto or other digital assets.

Its focus is on “Electronic Money Institution” services and traditional embedded finance elements like wallets, accounts, and cards.

What kind of businesses would partner with Flowe.com?

Businesses looking to offer financial services to their customers without becoming a bank would partner with Flowe.com.

This could include e-commerce platforms wanting to offer integrated payment solutions, fintech startups, or companies looking to embed loyalty programs with financial incentives.

What are the main ethical concerns with Flowe.com from an Islamic perspective?

The main ethical concerns from an Islamic perspective revolve around Flowe’s foundation by a conventional bank and the likely involvement of interest riba in the underlying financial mechanisms of its BaaS products wallets, accounts, cards. There is no indication of Sharia compliance in their offerings.