Finom Has Raised $54 Million In Series B Equity Funding Round

Finom has recently revealed that it has raised an overall sum of €50 million, which is equivalent to $54 million as per today’s currency exchange rate. The European challenger bank was launched back in 2019 in the Netherlands and is on its way to revolutionizing financial services. As a result, small and medium-sized businesses can have their hands on the perfect financial services to carry out their vital activities. Similarly, freelancers can also grab solid advantages. Finom is widely famous for allowing companies and individuals to open online banks in minutes and receive an IBAN. In this way, it offers them cross-border transactions in a much more convenient way. The purpose of the recent Series B equity funding round is only to expand the services of users.

Finom Services

Finom is one of the most well-renowned European Challenger banks that offers a complete suite of financial services to enterprises and freelancers. The following are the primary ones.

• Online Banking: Businesses can open their accounts within no time with the help of Finom. Additionally, they can receive IBAN to perform online international transactions. 
• Payment Cards: Finom customers can receive both physical and virtual bank cards to ensure that they can carry out their transactions smoothly.
• Expense Management Tools: The challenger bank also provides you with a complete set of tools that can help you track and manage your business expenses effectively.

Finom is also capable of integrating all the essential data with popular accounting software to deliver precise outcomes to the users. Also, it assists businesses in registration activities.

Finom, a European challenger bank for SMEs, raises $54M https://t.co/RJEvTjYI3o

— TechCrunch (@TechCrunch) February 13, 2024

Funding Round

Northzone, which is relatively a new name in the list of investors, has led the funding round along with the General Catalyst. The latter investor is widely popular for supporting a large number of enterprises including the likes of Stripe, Snap, and Airbnb. Additionally, Cogito Capital, FJLabs, Target Global, and S16vc have participated in the funding round to raise the total to $54 million.

With this sum in the account, Finom is now looking forward to expanding its services to cover the whole area of Europe by the next year. The challenger bank has claimed a total of 85,000 customers in different countries, especially from France, Germany, Italy, Netherlands, and Spain. The primary purpose of the funding round is to collect a huge sum to carry out the tasks required for localizations. 

Finom’s Statement

Yakov Novikov, who is a co-founder of Finom, has stated that the company is always ready to provide comfortable and easy banking solutions to SMEs. Also, he said that traditional banking has a lot of hazards for freelancers and small enterprises along with limited lending opportunities. Thus, these individuals are unable to have their hands on the desired financial services despite having a higher requirement.