SME banking tech start-up Finom lands €50m Series B to power product expansion
Dutch banking services provider Finom has secured €50 million in Series B funding, with plans to augment its existing product line-up.
Finom bags €50 million Series B
The round was led by the fintech’s existing investor, US-based venture capital firm General Catalyst, alongside Northzone, which enters as a new investor.
Joined by Cogito Capital, Entrée Capital, FJLabs, s16vc and Target Global, the completion of the Series B means that Finom has now raised over €100 million to date, including €10 million in Seed funding.
Founded in 2020 and based in Amsterdam, Finom operates a digital financial services platform for entrepreneurs and SMEs in Germany, France, Spain, the Netherlands and Italy.
The platform supports digital business accounts, payment processing, foreign exchange, invoicing and expense management, with Finom currently claiming to have 85,000 customers.
With its latest capital injection, the start-up says it plans to “enhance existing product offerings, further marketing initiatives, and expand accounting services”.
It previously sought to bolster its cross-border payment abilities through its 2022 acquisition of paytech Kapaga.
Co-founder Kos Stiskin claims Finom is aiming to “transform the SME banking experience into something straightforward and user-friendly” by adapting its platform infrastructure and “paying close attention to the unique characteristics of each country we serve”.
“There’s still vast growth potential,” adds Stiskin, who claims neobanking contenders have tapped less than 3% of the market.
