Finom said to raise $12m to help it grow operations across Europe

Netherlands-based financial service provider Finom has reportedly netted $12m in funding as it prepares to grow across Europe.

The capital was supplied by Target Global, Cogito Capital, Entree Capital, Avala Capital, Tal Capital  and AdFirst Ventures, according to a report from TechCrunch.

This investment will enable the FinTech to increase its market activities, develop new products and enter more European countries.

SMEs, freelancers and the self-employed can use Finom to create a business account, which can be monitored through their smartphone devices. The app lets users issue, send and pay invoices, match invoices to payments, monitor expenses,  transfer money digitally and access detailed information of suppliers.

A free virtual card is also included with the account. Cards can be issued to employees with varying spending limits and all transactions can be tracked.

There has been $750m invested into Netherlands-based FinTech companies since 2015. A total of $263.2m was invested across 25 FinTech deals last year.

Funding has grown at a CAGR of 46.8% between 2015 and 2019, with the average deal size increasing more than eight-fold from $1.6m in 2015 to $13.1m in 2019.

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