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SMB-focused Finom closes €115M as European fintech heats up

Finom, an Amsterdam-based fintech targeting European SMBs, has secured €115M in a Series C funding round. The startup aims to simplify banking and accounting for small businesses and has set ambitious growth targets despite competition from legacy banks. The latest funding, coming shortly after $105M from General Catalyst, positions Finom to expand its customer base and product offerings significantly by 2026.

Key points

  • Finom secured €115M in Series C funding, aiming for one million business customers by 2026.
  • The company doubled its revenue in 2024, indicating rapid growth.
  • Funding led by AVP, with participation from new and existing investors.
  • Finom previously raised $105M from General Catalyst, which took no equity, allowing funds for growth initiatives.
  • The firm plans to explore strategic acquisitions and expand into larger European markets.
  • Currently operates with an EMI license in main markets and has introduced lending in the Netherlands.

Why it matters

  • The funding climate in Europe for fintech is competitive, with many startups vying for investment.
  • Finom's approach highlights the ongoing trend of using AI in financial services, focusing on automation and efficiency.
  • The rise of challenger banks has put pressure on traditional banks to innovate in their services for SMBs.

Finom's recent funding signifies strong investor confidence in the European fintech landscape, positioning the company to capitalize on growth opportunities in the SMB sector while leveraging technology and innovative strategies.