Amsterdam-based FINOM, a digital banking solution for SMEs, raised â¬92.7M in a funding round led by General Catalyst's Customer Value Fund, bringing its total funding to â¬190M. The company plans to use this investment to accelerate growth rather than for operational expenses. Recently, FINOM doubled its annual recurring revenue and is now EBITDA profitable. The funding follows their launch of a pilot on-demand funding program, offering flexible credit lines to small businesses, quickly accessed through an AI-powered assessment. FINOM aims to establish a full financial ecosystem for entrepreneurs, streamlining various banking and financial processes.
"With this new funding, we are set to accelerate our growth and expand our services, firmly positioning FINOM as a leader in the digital banking space for SMEs and entrepreneurs."
"Our entry into direct lending represents a significant milestone for FINOM, offering vital financing options to small businesses, with decisions made in minutes using our AI-driven system."
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