Finom, the European digital financial services platform for entrepreneurs and SMEs, today announced it has closed a €115 million Series C funding round led by AVP (previously AXA Venture Partners), with participation from new investor Headline Growth and existing investors General Catalyst, Northzone, and Cogito Capital.
Combined with a recent €92.7 million (roughly $105 million) million growth investment from General Catalyst’s Customer Value Fund, Finom has now raised over €300 million in total funding to accelerate its European expansion.
The funding comes as Finom accelerates growth across Europe, now serving over 125,000 customers with local IBAN accounts in Germany, France, Italy, Spain, and the Netherlands. The company has set an ambitious target to reach one million European business customers by the end of 2026.
Since its €50 million Series B round in February 2024, Finom has doubled revenue in 2024 and maintains positive unit economics across all markets. The company reports a healthy customer lifetime value relative to acquisition costs and has grown its team to over 500 employees.
“European entrepreneurs are some of the most driven, creative, and resilient people you’ll ever meet — but their financial tools haven’t kept up with their ambition. At Finom, we’re building a financial home that works at the speed of their ideas and supports them every step of the way,” said Andrey Petrov, CEO and co-founder of Finom. “This funding helps us go faster, not just in technology, but in earning the trust of a million entrepreneurs across Europe.”
“This funding represents validation of our vision to create a truly empowering European business environment where entrepreneurs can thrive regardless of their size,” said Kos Stiskin, chairman and co-founder of Finom. “This Series C enables us to continue to expand our reach across Europe and strengthen our position as the financial infrastructure provider for European SMEs.”
“We’ve been thoroughly impressed by Finom’s seasoned leadership and their effective execution of a multi-product, multi-geography strategy, underpinned by a highly robust and well-architected infrastructure,” commented Warda Shaheen, General Partner and Co-head of Global Growth Equity at AVP. “This funding round will enable them to accelerate growth further strengthening their position as the go-to financial partner for European SMEs.” Warda Shaheen will join Finom’s board of directors as part of the funding round.
Finom’s comprehensive platform combines AI-powered financial intelligence tools and business banking, payment processing, invoicing, expense management, and foreign exchange services under a single Electronic Money Institution license. The company recently entered the lending market with credit lines for Dutch businesses.
The Series C positions Finom to capitalize on the growing demand for digital financial services among European SMEs, with plans to accelerate product development and pursue strategic acquisitions to strengthen market penetration.
Read the orginal article: https://ffnews.com/newsarticle/funding/finom-raises-e115-million-series-c-to-fuel-european-expansion/
