Finom, the Amsterdam-based financial management platform for SMEs and freelancers, has raised €50 million in Series B funding led by General Catalyst and Northzone.
The round also included participation from existing investors Cogito Capital, Entrée Capital, FJLabs, s16vc, and Target Global, bringing the total raised by the firm since inception to €100 million.
Launched in 2020, 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.
The EMI-licenced business offers a full-stack financial platform for business customers, including rapid account setup, online banking, payment processing, invoicing, FX, 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 contenders," says 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.”