SME-Focused Finom Raises €115M in Series C to Expand Across Europe

AMSTERDAM, June 23, 2025 — Finom, a five-year-old challenger bank focused on European small and medium-size businesses, has raised €115 million (about $133 million) in Series C equity funding as it doubles down on growth, product expansion and AI adoption.

The round, which brings Finom’s total capital raised to roughly $346 million, follows a $105 million injection from General Catalyst’s Customer Value Fund just weeks earlier. That prior round came with no equity exchange, and the capital can only be used for growth-related activities.

Founded in Amsterdam, Finom offers banking, invoicing and AI-enabled accounting tools tailored to SMBs across multiple European markets. The company says it doubled revenue in 2024 and now counts 125,000 customers.

Andrey Petrov, CEO of Finom, said the fresh capital will support strategic acquisitions, new product features and continued expansion in France, Italy, Spain and the Netherlands — countries where Finom holds electronic money institution (EMI) licenses. In Germany, it partners with Solaris to offer full banking services.

“Our goal of having one million business customers by the end of 2026 is motivational,” Andrey said. “But this round gets us closer.”

The Series C was led by AVP, formerly AXA Venture Partners, with participation from new investor Headline and existing backers General Catalyst, Cogito Capital and Northzone. Andrey confirmed the valuation is now double that of Finom’s 2024 Series B, though the company declined to disclose exact figures.

Chairman and co-founder Kos Stiskin said the company had originally planned to space out the two rounds but closed them close together due to timing shifts. “One took longer than expected, and one was much faster,” he said.

Unlike other high-profile European fintechs such as Monzo, N26 and Revolut, all of which have raised over $1 billion, Finom operates with a leaner capital base. The company's funding is more comparable to French unicorn Qonto, though Finom’s model emphasizes automation and internal AI use.

“We are hiring less than we need, and we see good output in terms of using AI and AI agents to automate part of our routine tasks,” Andrey said.

Finom also plans to expand its credit offering, starting with lending in the Netherlands, which it views as a test market for wider deployment. That move aligns with its broader ambition to offer end-to-end financial support for businesses, including tax payments and regulatory filings.

The company's leadership structure has evolved in tandem with its growth. Andrey now serves as the sole CEO, while former co-CEOs Yakov Novikov and Oleg Laguta have transitioned into advisory roles. The three previously co-founded Russia’s Modulbank, though Finom is focused entirely on the European market.

“Our customers are Europe’s entrepreneurs,” Kos said. “They are the backbone of the European Union economy.”

Finom has made one acquisition to date, U.K.-based Kapaga in 2022, and is now exploring further opportunities as part of its growth strategy.

The company believes traditional banks are failing small businesses across Europe and sees room to capture significant share by offering simpler, integrated tools that reduce administrative burden and cost.

Despite regulatory limitations of its EMI licenses, Finom continues to expand its footprint and product suite with what it calls a lean, tech-driven approach, built for business owners, not bureaucracy.

We’re adding some people, but mostly we’re adding new types of AI agents to work with internally.