[Funding alert] Dutch-based Finom Secures €50Million in Series B Round Funding

Wednesday 14, 2024 | By Startup Rise EU

Dutch-based Finom secures €50million in series B round funding and announced that it will use the money to improve the quality of its products, launch new marketing campaigns, and broaden its accounting services to better serve SMEs.

Dutch-based Finom secures €50million in series B round funding and announced that it will use the money to improve the quality of its products, launch new marketing campaigns, and broaden its accounting services to better serve SMEs.

Read also - Copenhagen-based Pluto.markets Secures €2.4 Million in Funding

These days, it's harder for businesses to secure a €50 million or more fundraising round than it was a few years ago due to the difficult economic climate and cash drying up. However, the €50 million Series B investment round for Finom, a SME banking provider, was recently headed by Northzone, a new backer, and General Catalyst, an old investor.

Stiskin said,“To be honest, it was quite easy to attract, for the reason that the company has good strong indicators, we have an excellent market and, in general, we have everything we need to attract money. And because we understood the current structure of the market, we didn’t really try to negotiate some better terms, but we were looking for the right partner, the right investor. And as soon as the right investor was on board, we quickly agreed on the terms and signed and closed the round quite quickly.”

Existing investors Cogito cash, Entrée Capital, FJLabs, s16vc, and Target Global also participated in the investment round, bringing Finom's total cash raised to over €100 million. According to Finom, the money will be used to enhance its product line, launch fresh marketing campaigns, and broaden its accounting services to better serve SMEs.

Read also - Stockholm-based MANTLE Raises over €2.8 Million in Funding

With a Netherlands-stamped e-money license, the challenger provides SMEs with online and offline banking, virtual and real cards, payment processing, invoicing, and a newly introduced foreign exchange facility.

Asked about the virtues of bringing on board new investor Northzone, Stiskin said: “The depth of the analysis that Northzone did was a level higher than what the other funds did. By the way, General Catalyst must not be forgotten. And even if other funds might have given better conditions, or the same conditions, we would still have chosen Northzone and General Catalyst to co-lead, for the reason that the level is higher than that of any other participant. Also, before we even closed the round, only signed the termsheet, we already have had quite deep interaction with the Northzone and GC team on HR and PR topics, and we are receiving a huge amount of support, a huge amount of care for us, which, of course, is very important.”

About Finom

Established in 2019, Finom, with approximately 250 employees, maintains offices in the Netherlands and Cyprus. Additionally, it is currently employing personnel in Spain and Poland, where it provides its services. Their goal was to create a mobile-first platform that integrates banking, financial management, and accounting features. At Finom, They were redefining the landscape for business and demonstrating how, in this day and age, managing finances can be as simple as using your phone.

Read also - Vilnius-based Axiology Secures €2 Million in Funding

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