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SME banking challenger Finom raises EUR6.5m

SME banking challenger Finom raises EUR6.5m

Finom, an Amsterdam-based neo-banking startup targeting entrepreneurs and small businesses, has closed a EUR6.5 million seed funding round led by Target Global.

General Catalyst, FJlabs, the Raisin founders Tamaz Georgadze, Frank Freund and Michael Stephan joined the round, the proceeds of which will be used for product development and expansion into Italy and France later this year.

Finom pulls together the accounting, financial management, and banking functions for early-stage businesses and SME into one mobile-first product. Businesses can quickly spin up an account online and immediately begin running accounts payable and account receivable from the app and online.

Launched by serial fintech entrepreneurs, Finom was started by the founders of Modulbank, a profitable, fast-growing neobank for SMEs in Russia.

"In these challenging times our goal is to enable small businesses in Europe to become more efficient and to thrive," says Konstantin Stiskin, co-founder, Finom.

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