Finom, the fintech service for entrepreneurs and small businesses, has raised €6.5 million funding in seed round led by Target Global with participation from General Catalyst. Other investors including FJlabs, the Raisin founders Tamaz Georgadze, Frank Freund, and Michael Stephan, as well as Ilya Kondrashov, the founder of MarketFinance also participated.
Headquartered in Amsterdam, The Netherlands, the company has Russian roots and intends to use this funding to develop its product. Also the company plans to expand further into Italy and France in the summers of 2020.
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Konstantin Stiskin, co-founder of Finom:
“EU SME banking market size is more than €100 bn. But according to McKinsey research European entrepreneurs spend 74% of their time on non-core activities and pay for expensive and inconvenient products. In these challenging times, our goal is to enable small businesses in Europe to become more efficient and to thrive. In this context, we are also thrilled that General Catalyst has partnered with us given both their global fintech experience and their passion for investing in businesses that empower SMEs,”
Founded in 2019, the company pulls together the accounting, financial management, and banking functions for early-stage businesses and SME into one mobile-first product. Launched by serial fintech entrepreneurs, Finom was started by the founders of Modulbank, a profitable, fast-growing neo bank for SMEs in Russia.
Further, Finom claims to be the fastest and simplest online finance service for SMEs, freelancers and the self-employed in Europe. Users can basically open their business account online to manage finances on smartphones.
Mike Lobanov, General Partner and COO at Target Global said:
“At Target Global we are great believers in the segment of SMEs overall — it’s a backbone of the all-European economy which is unfairly ignored by many traditional financial providers. The team of exceptional entrepreneurs standing behind Finom has already managed to solve this problem once having built a new standard of serving SMEs. Having seen this new standard, we know how SMEs banking can look like and we believe that Finom has the outstanding expertise to build a product that will re-shape the European SMEs landscape. We are truly privileged to be early supporters of the team’s journey here in Europe.”