Finom, the Amsterdam-based financial management platform for SMEs and freelancers, has secured €50 million in Series B funding, led by General Catalyst and Northzone. This funding round also saw participation from existing investors such as Cogito Capital, Entrée Capital, FJLabs, s16vc, and Target Global, bringing the total amount raised by the company since its inception to €100 million.
Founded in 2020, Finom currently serves over 85,000 customers in Germany, France, Spain, the Netherlands, and Italy, with plans to expand coverage throughout the Eurozone by 2025. The EMI-licensed company provides a comprehensive financial platform for businesses, which includes quick account setup, online banking, payment processing, invoicing, foreign exchange, and expense management.
“We’re beginning a journey in the EU’s SME banking sector, where there’s still vast growth potential, with less than 3% market penetration achieved so far by neobanking competitors,” said Kos Stiskin, co-founder of Finom. “In this fast-evolving landscape, Finom is committed to becoming the leader in the EU by adapting our unified platform infrastructure while paying close attention to the unique characteristics of each country we serve.”