Challenger bank Finom raises USD 7 mln seed funding

Thursday 30 April 2020 14:19 CET | News

Finom, a Switzerland-based B2B challenger bank, has closed a USD 7 mln seed funding round led by Target Global, with participation from General Catalyst. 

The company will primarily use the fresh capital to develop its banking product, and to expand further into Italy, France and Germany, in the summer of 2020.

Finom puts accounting, financial management and banking functions for early-stage businesses and SMEs into one ‘mobile-first’ product. Businesses can set up an online account, with accounts payable and account receivable from both the app and the site.

Finom is now live in Italy, starting with e-invoicing, which allowed it to gain market knowledge and collect the data for accounting/payments and lending. The next countries to be launched will be France and Germany.

More: Link

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Keywords: Finom, Target Global, General Catalyst, seed funding, challenger bank, b2b bank, eInvoicing, payments
Categories: Banking & Fintech
Countries: Switzerland
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Banking & Fintech

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