Finom Secures €92.3 Million Investment from General Catalyst
Finom, a digital financial platform tailored for small and medium-sized enterprises (SMEs), has announced a significant investment of €92.3 million from General Catalyst’s Customer Value Fund (CVF). This funding is set to bolster Finom’s growth strategy and enhance its service offerings across Europe.
Growth Journey and Funding Milestones
This latest investment comes on the heels of a previous Series B funding round in February 2024, where Finom raised €50 million with co-lead investment from General Catalyst and Northzone. With this fresh influx of capital, Finom’s total funding since its inception has now reached nearly €190 million, positioning the platform for robust expansion.
Strategic Partnership with General Catalyst
General Catalyst’s investment will enable Finom to finance customer acquisition initiatives without diluting existing shareholders or increasing risk. The firm’s commitment mitigates exposure to market fluctuations, allowing Finom to grow strategically. Kos Stiskin, President and Co-founder of Finom, stated, “Having General Catalyst as a partner is a significant strategic victory. Their expertise and alignment with our vision will allow us to grow aggressively across Europe.”
Finom: Empowering European Entrepreneurs
Founded in 2019, Finom serves the unique financial needs of European entrepreneurs and SMEs. The platform provides a comprehensive suite of financial tools, enabling business owners to quickly set up accounts and manage their finances effectively. By streamlining online financial management, payments, invoicing, and expense tracking, Finom is dedicated to supporting the growth and competitiveness of its users.
Expanding Service Offerings Across Europe
With a presence in key European markets, including Germany, France, Italy, and Spain, Finom has introduced local IBAN accounts to enhance its services. The company emphasizes a transparent user experience that has resulted in strong user adoption and high customer satisfaction, setting the stage for ambitious expansion plans.
Future Growth and Market Strategy
Finom is on track to double its revenue in 2024 and aims to maintain this growth trajectory into 2025, despite navigating a challenging macroeconomic environment. Currently, the company serves over 100,000 businesses across several countries, signaling solid demand for its innovative financial solutions.
Looking Ahead: Goals for 2025
With the new funding, Finom plans to expand into additional EU markets and deepen its customer acquisition strategies on a wider scale. The company’s focus remains on sustainable growth, solid unit economics, and high customer satisfaction, with a goal to achieve complete Eurozone coverage by the end of 2025.