Finom, an Amsterdam-based challenger bank focused on small and medium-sized businesses, has recently closed a €115 million Series C funding round. This capital injection comes shortly after securing additional growth funding and aims to support its goal of reaching one million business customers by 2026. The bank offers a comprehensive financial platform that integrates banking and invoicing to serve the needs of European SMBs, driven by a belief in reducing reliance on traditional accountants. Despite its growth, Finom still trails behind major fintech competitors in total funding raised.
"Because theoretically, entrepreneurs don't need to have an accountant at all," said CEO Andrey Petrov, highlighting Finom's vision of streamlining financial processes for SMBs.
Finom's belief that it could serve a fair share of Europe's 26 million SMBs is central to its ambitious goal of reaching one million business customers by 2026.
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