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Dutch fintech leader Finom nets €50M to boost digital banking for SMEs

Dutch fintech leader Finom has successfully raised €50 million in a Series B funding round, marking a significant milestone for the Amsterdam-based startup. Established in 2019, Finom operates as a pan-European neobank designed specifically for SMEs and entrepreneurs. The company’s unique value proposition lies in integrating online banking, accounting, and financial management into a unified platform, simplifying banking processes for small businesses.

Kos Stiskin, co-founder at Finom, emphasized the startup’s foundational purpose of offering a cost-effective and user-friendly digital banking solution for entrepreneurs. Through this, Finom aims to facilitate business growth and development across Europe, allowing business owners to focus more on their core operations and reach their full potential.

Over the past four years, Finom has successfully built a robust customer base, boasting over 85,000 SMEs and individual entrepreneurs. As an authorized Electronic Money Institution (EMI), Finom has the capability to provide a range of financial services across the European Union, excluding lending operations.

The Series B funding round was co-led by new investor Northzone and General Catalyst, the latter having initially backed Finom in a seed funding round back in 2020. Northzone expressed its confidence in Finom, describing it as “the future of SME banking in Europe.” Sanjot Malhi, a partner at Northzone, highlighted Finom’s best-in-class core banking product as the backbone of their customers’ financial stack. Additionally, he emphasized the platform’s potential through its payments and microservices software offerings for SMEs, which have demonstrated success across several major Western European economies.

With the new capital injection, Finom’s total funding has now surpassed €100 million. The company plans to utilize these funds to enhance its core products, attract new talent, and expedite its expansion efforts across Europe. By the next year, Finom aspires to establish its presence across the entire Eurozone, solidifying its position as a key player in the digital banking space for SMEs.

Read more here.

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