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FINOM Announces €50 Million in Series B Funding Led by General Catalyst and Northzone

Specific Time: January 23, 9:00 AM (CET)

FINOM co-founders: Andrey Petrov, Yakov Novikov, Oleg Laguta, Kos Stiskin.

FINOM, a European digital banking solution for SMEs and Entrepreneurs, announced today that it has raised €50 million in Series B funding co-led by General Catalyst and Northzone, bringing its total raised capital to over €100 million. Northzone joins as a new investor, while General Catalyst has supported FINOM since its Seed round. This round also included participation from existing investors Cogito Capital, Entrée Capital, FJLabs, s16vc, and Target Global. 
The newly raised €50 million in Series B funding will be used to enhance existing product offerings, further marketing initiatives, and expand accounting services to meet the growing demands of SMEs. 
Following its launch in 2020, FINOM has rapidly expanded to become one of Europe’s leading financial platforms for SMEs and entrepreneurs. Since its inception, the company has been committed to building a pan-European platform. FINOM currently serves more than 85,000 customers across Germany, France, Spain, the Netherlands, and Italy and expects to offer coverage across the entire Eurozone by 2025. 

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 contenders,» said Kos Stiskin, co-founder at FINOM. «In this fast-evolving landscape, FINOM is committed to becoming the leader in the EU through adapting our unified platform infrastructure, while paying close attention to the unique characteristics of each country we serve. Our goal is to transform the SME banking experience into something straightforward and user-friendly, meeting all the needs of a modern SME.

FINOM’s vision is to build a full-stack financial operating system for entrepreneurs and SMEs. The Company has developed a proprietary core banking system that powers its broad suite of products and services including rapid account setup, online banking, payment processing, invoicing, FX, and expense management. FINOM holds an Electronic Money Institution (EMI) licence secured in the Netherlands and extendable across the European Union.
General Catalyst initially invested in Finom at its founding. We recognized what we believe to be an exceptional and experienced team with a compelling vision to empower more than 20 million small businesses in Europe,» said Adam Valkin, Managing Director at General Catalyst. “And we are excited for our continued partnership with the Finom team on its mission to help the European economy thrive.

We have had a long-standing thesis on the European SME Banking and financial software space, and Finom really exemplifies that. Finom has a truly best-in-class core banking product, which forms the backbone of their customers’ financial stack. However, the true platform potential of Finom is seen through its payments and microservices software offering for SMEs, with clear demonstrated success across several major Western European economies. We look forward to partnering with the team and seeing Finom emerge as a European market leader, adds Sanjot Malhi, Partner at Northzone who is joining the board as part of the round.

FINOM’s co-founders Andrey Petrov, Kos Stiskin, Oleg Laguta, and Yakov Novikov are fintech veterans and lead a diverse 300 person team across Amsterdam, London, Cyprus, and Poland.

About FINOM

FINOM is a digital financial services platform built for the unique needs of entrepreneurs and SMEs across Europe. FINOM’s banking tools allow business operators to quickly open an account, providing a streamlined approach to online banking, payment processing, invoicing, and expense management. The company is dedicated to fostering SME growth with innovative financial solutions, and holds an Electronic Money Institution (EMI) licence operational across Europe. FINOM is headquartered in the Netherlands with offices across Europe. To learn more about FINOM, visit https://finom.co.