Dutch fintech Finom has raised €115m in Series C funding as it looks to double down on European expansion and explore M&A opportunities.
AVP led the round and was joined by Headline Growth, General Catalyst, Northzone and Cogito Capital.
Amsterdam-based Finom, founded in 2019, provides a set of financial tools that enable freelancers and small to medium enterprises (SMEs) to quickly open a business account and efficiently manage their finances. The platform brings together online financial management, payments, invoicing and expense tracking. The company also recently entered the lending market with credit lines for Dutch businesses.
Finom has more than 125k customers across Germany, France, Italy, Spain and the Netherlands, and is targeting 1m customers by the end of 2026. It says it will use the new funding to double down on its core markets.
“Digital banking for businesses is still only at 3% penetration across Europe, so there’s enormous room for growth,” Andrey Petrov, Finom’s CEO and cofounder, tells Sifted.
The funding will also be used to buy other companies, if an opportunity arises. “We now will be actively exploring M&A opportunities that make strategic sense,” Petrov says.
Finom employs more than 500 people, but Petrov says that it has plans to increase that: “We’re looking to hire more people in Germany, France and Italy […] we will be looking for regulatory experts, customer support and technical roles.”
Finom says it doubled revenue in 2024, but didn’t disclose a figure to Sifted, and that it had enough cash to reach profitability without raising the new money.
The company has raised more than €300m to date, including €92.7m in growth funding from General Catalyst last month.
“This funding round will enable them to accelerate growth, further strengthening their position as the go-to financial partner for European SMEs,” says Warda Shaheen, general partner at AVP who’s joining the fintech’s board as part of the round.
Read the orginal article: https://sifted.eu/articles/dutch-fintech-finom-raises-e115m-and-eyes-ma/
