By: 22 February 2024

General Catalyst and Northzone co-led the round

Finom secures €50m in series B funding for European expansion

Finom, a Netherlands-based digital financial services provider for entrepreneurs and freelancers, has raised €50m in a series B funding round.  

The funding will be used to “drive Finom’s continued growth”, to reach more European SMEs (small and medium-sized businesses). Finom will enhance its digital offerings and expand its team.  

The round was led by General Catalyst and Northzone, with support from existing investors Cogito Capital Partners, Entree Capital, FJ Labs, s16vc and Target Global. Sanjot Malhi, partner at Northzone, is joining Finom’s board.  

Launched in 2020, Finom has assisted over 85,000 European businesses, facilitating the transfer of more than €14bn.  

In Europe, more than 30 million SMEs and 25 million self-employed provide 57% of the EU GDP.  

Kos Stiskin, co-founder of Finom, first recognised the growth potential for SMEs, especially in convenient digital banking, with fellow co-founders back in 2019.  

Stiskin said: “FINOM was born as a cost-effective and user-friendly digital banking solution for entrepreneurs to foster business growth and development across Europe. We aimed to give them more time to focus and reach their full potential. 

“As the world transitioned to remote work and SMEs emerged as a beacon of hope amidst economic challenges, our mission to empower European entrepreneurs became even more pressing. Today, we are more dedicated than ever to providing the best banking experience for businesses.  

“This funding will also enable us to achieve some of our biggest and most ambitious goals, such as expanding FINOM to serve the larger SME segment and ultimately becoming the leading business banking provider in the EU.” 

Image: Finom  

Josh Poyser
Josh Poyser is an editor at FinTech Intel. He has written about fintech for several years and appeared at FinTech Connect 2023 on the 'Unlocking Success: The Art of Fintech PR' panel.