Finom Raises $54 Million to Expand Digital Business Banking Solution

Finom has raised 50 million euros ($53.6 million) in Series B financing to expand its digital business banking solution in the European Union (EU).

The company is scaling up hiring across its team in the near term and aims to become the leading business banking provider in the EU in the longer term, Kos Stiskin, co-founder, board member and head of strategy and business development at Finom, said in a Tuesday (Feb. 13) post on LinkedIn.

“This new funding will drive Finom’s continued growth to reach and empower millions of European SMEs [small- to medium-sized enterprises],” Stiskin said in the post. “We’re also enhancing the Finom web and mobile experiences to be faster and more powerful.

“After covering the basic needs for SMEs to manage their back office through integrations and team management, there is so much more we can do — from acquiring to lending; the sky’s the limit for our incredible team,” Stiskin added.

Finom was launched in 2020 to provide entrepreneurs a digital banking solution, according to the post. The solution was designed to be cost effective and user friendly, helping entrepreneurs grow their business across Europe.

Since its launch, Finom has helped more than 85,000 European businesses with their banking and operations and has facilitated the transfer of over 14 billion euros (about $15 billion), the post said.

“As the world transitioned to remote work and SMEs emerged as a beacon of hope amidst economic challenges, our mission to empower European entrepreneurs became even more pressing,” Stiskin said in the post. “Today, we are more dedicated than ever to providing the best banking experience for businesses.”

In another recent development in the business banking sector, Jack Henry said in January that it has introduced a cloud-native banking solution designed to enable community banks and credit unions to better support small- to medium-sized businesses (SMBs).

In October, RegTech firm CSI launched a partnership with treasury management FinTech Dragonfly Financial Technologies to provide customers with enterprise-level business banking solutions like positive pay and reverse positive pay services, sweep accounts, and expanded domestic and international wire functionality.