Finom raises €10m in pre-Series A investment to expand in Europe
Finom, a fintech providing online financial services to small and medium-sized enterprises (SMEs), has raised €10 million in seed funding.
Based in the Netherlands, Finom has raised €16.8 million in 2020 so far. Investors in the firm include Target Global, Cogito Capital, Entrée Capital, and AdFirst Ventures.
It claims that its business-to-business (B2B) finance service is “different from any other bank”, as it blends finance, accounting, invoicing, and banking.
Already operating an e-invoicing service in Italy, Finom plans a launch across France and Germany in October.
Its investment goes towards supporting its activities in Europe and expansion to new countries. It will also boost its existing product portfolio.
“We are very happy to announce the round,” says Konstantin Stiskin, co-founder at Finom. “The uncertainty and turbulence we are living in requires higher standards in the financial industry.”
“We are super lucky to be backed by such strong VC funds that trusted us with their money.”
A majority of the team behind Finom also founded and worked at Russian online bank Modulbank.