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Hello, tech enthusiasts! Today, we’re diving into the exciting world of Finom, a challenger bank based in Amsterdam that’s making waves across Europe with its latest funding success.
Despite challenges in securing funding, Europe’s startup scene remains lively. Finom, a five-year-old bank targeting small and medium businesses, just attracted €115 million in Series C funding, around $133 million. This followed a recent $105 million growth investment, showing strong investor confidence.
Finom offers a platform that combines banking, invoicing, and AI-powered accounting tools, aiming to simplify entrepreneurs’ lives. CEO Andrey Petrov envisions reaching one million clients by 2026, and the new funding makes that goal seem more feasible.
The funding round was led by AVP (formerly AXA Venture Partners) with new investor Headline Growth and current backers Cogito Capital, General Catalyst, and Northzone also participating. Interestingly, some of Finom’s funding is non-traditional, with General Catalyst’s capital only usable for growth, not equity.
Finom’s strategy involves competing with traditional banks in Europe’s fragmented markets, focusing on underserved SMBs. It currently operates under EMI licenses in several countries, expanding its products to include loans and deposits, while leveraging AI internally to improve efficiency. Leadership has evolved, with Petrov now as sole CEO, focusing on the European market and entrepreneurs that drive its economy.
