Finom raises $54M to develop digital business banking solution

Finom, a financial platform tailored for SMEs and freelancers, founded by Andrey Petrov, Oleg Laguta, Konstantin Stiskin and Yakov Novikov, just secured a $54M in their latest Series B funding round.

• Quick and Simple Banking Access: Businesses can now open an online account within minutes, complete with an IBAN to facilitate international transactions. Alongside online banking, customers enjoy both virtual and tangible bank cards, advanced expense management tools, and seamless integration with accounting software.

• The SME Banking Dilemma: Traditional banks often sideline SMEs, deeming them 'uninteresting' due to high compliance risks and limited lending opportunities. Finom aims to address and simplify the complex financial needs of SMEs.

• Integrated Financial Solutions: At its core, Finom provides an all-in-one platform, merging banking, payments, invoicing, and more - streamlining business operations and cutting costs.

• Customer Base and Expansion Plans: Boasting 85,000 customers across major EU countries, Finom is set to intensify its local market approach in additional EU territories.

Co-led by Northzone and General Catalyst, with additional backing from other investors including Target Global, Cogito Capital, Entrée Capital, FJLabs, and s16vc. Finom stands poised to give big banks a run for their money while reinforcing their commitment to support the complex, under-served needs of SMEs across Europe.