Finom Raises €50M Series B Funding for its SME Banking Services in the Netherlands

Finom, a European challenger bank designed primarily for SMEs and independent contractors, has announced a significant expansion of its activities with the completion of a €50 million Series B equity investment transaction.

Established in 2019, this Dutch firm has successfully carved out a market niche for itself by providing a comprehensive financial product tailored to the specific requirements of small enterprises.

According to a TechCrunch story, Finom just secured €50 million from a variety of new and old investors, demonstrating their faith in the company's vision and execution. Northzone and General Catalyst, a seasoned investor in fast-growing businesses including AirBnb, Stripe, and Snap, co-led the round. Target Global, Cogito Capital, Entrée Capital, FJLabs, and S16vc also made contributions, demonstrating the wide range of support for Finom's goals.

Fundamentally, Finom offers freelancers and SMEs a much-needed substitute for traditional banking. Quick online bank account opening with IBANs for easy international transactions is made possible by the platform. Bank cards that are both virtual and real, advanced capabilities for managing expenses, and interaction with top accounting software are all advantageous to clients.