FINOM, a fintech company based in Amsterdam, is making significant strides in the financial industry with its recent funding success. Focusing on SMEs and entrepreneurs, FINOM continues to enhance its digital banking solutions, streamlining financial processes for smaller enterprises across Europe. This recent financial injection anticipates further growth and stronger market positioning, promising a comprehensive expansion within Europe. The new funding emphasizes the increasing interest and trust in digital financial solutions tailored for entrepreneurs.
Historically, FINOM has consistently demonstrated growth, having raised €92.7M from General Catalyst’s Customer Value Fund before this Series C funding. The company has maintained steady progress, previously securing a €50M Series B round in February 2024. This pattern of successful funding rounds highlights an ongoing confidence in FINOM’s strategic direction and its expanding infrastructure across Europe.
What is the Target for European Expansion?
With this Series C round led by AVP, FINOM has achieved a total of over €300M in funding. This financial boost targets the company’s European expansion, allowing it to reach a milestone of one million European business customers by 2026. Currently serving over 125,000 businesses, FINOM offers local IBAN accounts in key markets, including Germany, France, and the Netherlands.
How Does FINOM Enhance Banking for SMEs?
FINOM’s leadership believes in enhancing financial tools for entrepreneurs, addressing their evolving needs.
“This funding represents a validation of our vision to create a truly empowering European business environment where entrepreneurs can thrive regardless of their size,” remarked Kos Stiskin, chairman and co-founder of Finom.
The company’s proprietary core banking system further aids in this mission, supporting rapid account setup and various financial operations.
Founded by fintech veterans in 2020, the company offers tools that simplify banking, invoicing, and expense management. Andrey Petrov, CEO and co-founder, stresses the importance of trust-building alongside technology development.
“This funding helps us go faster, not just in technology, but in earning the trust of a million entrepreneurs across Europe,” he noted.
The presence of new and existing investors like Headline Growth, General Catalyst, and Northzone in the recent funding round underlines a robust commitment towards FINOM’s vision. As Warda Shaheen from AVP joins FINOM’s board, the company’s governance and strategic input are further reinforced.
As a digital banking platform, FINOM continues to innovate with a full-stack approach to financial management, operating under an Electronic Money Institution license across Europe. Its services are tailored for SMEs, simplifying financial operations under a unified digital platform.
The new investments support FINOM’s mission to build a substantial financial ecosystem for SMEs and entrepreneurs across Europe. This outlook remains integral to the company’s strategic initiatives and long-term goals in the European market.
