Finom, a challenger bank based in Europe and specifically tailored for SMEs and freelancers, has recently announced a substantial boost to its operations with a Series B equity funding round, raising a noteworthy €50m.
This Dutch startup, founded in 2019, has carved out a niche for itself by offering a comprehensive financial product designed to meet the unique needs of small businesses.
The recently secured €50m comes from a mix of new and existing investors, showcasing the confidence in Finom’s vision and execution, according to a report from TechCrunch. The round was co-led by Northzone and General Catalyst, a veteran in supporting high-growth companies like AirBnb, Stripe, and Snap. Additional contributions came from Target Global, Cogito Capital, Entrée Capital, FJLabs, and S16vc, further underscoring the broad-based support for Finom’s mission.
At its core, Finom provides a much-needed alternative to traditional banking for SMEs and freelancers. The platform allows for quick online bank account openings, complete with IBANs for seamless cross-border transactions. Clients benefit from both physical and virtual bank cards, sophisticated expense management tools, and integration with leading accounting software.
The infusion of new capital will fuel Finom’s ambitious plans to expand its offerings and geographic footprint. With a goal to serve the entire Eurozone by next year, the company is gearing up for localization efforts in additional markets.
Currently boasting around 85,000 customers across Germany, Spain, France, Italy, and the Netherlands, Finom is poised for significant growth. Its integrated product lineup, spanning banking, payments, invoicing, and more, promises to save clients both time and money, reducing the need for multiple separate services.
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