Amsterdam-based FINOM, a digital banking solution for SMEs and entrepreneurs, has raised €92.7M in a growth investment round from General Catalyst’s Customer Value Fund.
This round brings the total funding amount raised to €190M.
TechCrunch reports that the capital will be used specifically for accelerating growth and not for operational expenses or product development.
The announcement comes as the Dutch company doubled its annual recurring revenue in 2024.
And Finom also stated that it is EBITDA profitable
Currently, the company has 505 employees, up 31.5 per cent compared to last year.
Entry into direct lending
The funding comes two months after the Dutch company issued its first credit line to a small business in the Netherlands, marking its official entry into direct lending.
The announcement is a part of the Dutch company’s pilot on-demand funding program for small and medium-sized businesses.
The Dutch company’s on-demand funding includes:
- Credit lines ranging from €2,000 to €50K with six-month repayment schedules
- Decisions delivered within minutes through proprietary AI-powered credit assessment
- Flexible repayment options with no penalties for early repayment
- Simplified application process fully integrated within the FINOM platform
FINOM: Digital banking solution for SMEs and Entrepreneurs
In 2020, fintech veterans Andrey Petrov, Kos Stiskin, Oleg Laguta, and Yakov Novikov co-founded FINOM.
The company’s banking tools enable businesses to quickly open accounts, streamlining online banking, payment processing, invoicing, and expense management.
The company does it by developing its proprietary core banking system that powers its broad suite of products and services, including rapid account setup, online banking, payment processing, invoicing, FX, and expense management.
The company operates an Electronic Money Institution (EMI) licence across Europe.
The Dutch company’s mission is to build a full-stack financial operating system for entrepreneurs and SMEs.
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