Finom, an Amsterdam-based leading digital banking solution for SMEs and entrepreneurs, has announced a €50M Series B funding round. The round led by General Catalyst and Northzone, with participation from existing investors including Cogito Capital, Entrée Capital, FJLabs, s16vc, and Target Global, bringing FINOM’s total raised capital to over €100M.

The funds will be utilized to improve Finom’s existing product offerings, further marketing initiatives, and expand accounting services to meet the growing demands of SMEs across Europe. Finom, founded in 2020 by fintech veterans Andrey Petrov, Kos Stiskin, Oleg Laguta, and Yakov Novikov, 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. To serve the entire Eurozone by next year, the company is gearing up for localization efforts in additional markets.

Co-founder Kos Stiskin emphasized the vast growth potential in the EU’s SME banking sector, with less than 3% market penetration achieved so far by neobanking contenders. FINOM is committed to becoming the leader in the EU by adapting its unified platform infrastructure to the unique characteristics of each country it serves, aiming to transform the SME banking experience into something straightforward and user-friendly.