Amsterdam-based Finom, a digital banking platform tailored for small and medium-sized businesses, has reportedly raised $105m in growth funding.
The capital injection, equivalent to €92.7m, comes from General Catalyst’s Customer Value Fund, according to a report from TechCrunch. In a notable move, the round did not involve any equity exchange, making it an unconventional investment structure.
Finom said the funds will be used solely to support growth activities, rather than operational or product development costs.
Founded with a mission to streamline financial services for entrepreneurs, Finom offers an integrated suite that combines banking, accounting, invoicing and financial management in a single mobile-first platform. Headquartered in Amsterdam, the company currently operates in over 10 European countries, including key markets like Germany and France.
Finom intends to deploy the new capital to expand its customer base and geographical footprint across Europe.
The firm currently serves more than 100,000 businesses in Germany, France, Spain, the Netherlands and Italy. Finom reports positive unit economics in all markets and has adopted a subscription-based revenue model, alongside income from transaction fees and interest on credit lines from its new lending arm.
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