A naukri.com initiative
TechCrunch
4w
75
Image Credit: TechCrunch
SMB-focused Finom closes €115M as European fintech heats up
- Finom, a challenger bank focusing on European small and medium-sized businesses, has closed a €115 million Series C equity round, following a recent $105 million growth funding round from General Catalyst.
- The company offers a financial platform combining banking, invoicing, and AI-enabled accounting services, aiming to reach one million business customers by 2026.
- AVP led the Series C round, with participation from Headline Growth, Cogito Capital, General Catalyst, and Northzone, emphasizing Finom's potential impact on Europe's 26 million SMBs.
- Finom's unique funding structure includes non-traditional financing from General Catalyst's Customer Value Fund, earmarked solely for growth purposes.
- The funding will support strategic acquisitions and the expansion of Finom's product line, including horizontal (deposits and loans) and vertical (taxes, reporting) offerings, driven by AI technology.
- The company's focus on utilizing AI extends to internal operations, where they plan to leverage AI agents for automation and efficiency.
- With licensing limitations in some markets, Finom is exploring opportunities in lending and other financial services, targeting areas where traditional banks are underserving small businesses.
- The leadership structure at Finom has evolved, with CEO Andrey Petrov taking on a more prominent role, supported by advisors Yakov Novikov and Oleg Laguta.
Read Full Article
3 Likes
For uninterrupted reading, download the app