Fincom Gets $105 Additional Funding To Expand Across Europe
Please note that we are not authorised to provide any investment advice. The content on this page is for information purposes only.
Finom, a banking provider based in the Netherlands, has announced that it has received #105 million in growth funding from Customer Value Fund at General Catalyst. According to the firm, the additional funding will support its customer acquisition strategy across Europe without affecting existing shareholders.
The investment comes a year after Fincom raised $54 million in a Series B funding round, led by Northzone and General Catalyst. Fincom has now raised a total of $200 million in funding since 2020 when it started operation.
General Catalyst’s Customer Vault does not operate like a conventional growth equity. It accepts downside risk, which allows Fincom to finance acquisition efforts while preserving autonomy and equity.
General Catalyst Commits To Fincom’s Growth Strategy
Co-founder and Chairman of Fincom, Kos Stiskin, commented on the latest investment. “Having General Catalyst as our partner is a huge win for FINOM,” he said, adding that they are supporting the company’s growth in ways that preserve its equity.
Stiskin says General Catalyst understands business deeply, which has made it easier to collaborate with them. He added that the funding will enable Fincom to expand its operations across Europe.
Fincom’s partnership with General Catalyst dates back to Fincom’s founding. Partner at General Catalyst, Zeynep Yavuz, stated that Fincom has demonstrated growth in all areas, including in customer retention.
He believes that the fintech firm is ready to push ahead with its ambitious plans to expand across Europe. Zeynep says General Catalyst will continue to offer its support to Fincom as long as it continues to show strong growth and expansion potential.
Fincom now serves more than 100,000 small and medium-sized businesses across the Netherlands, Spain, France, and Germany.
Fincom Also Wants To Strengthen Its Local Customer Base
As it continues to expand its operations, Fincom has also launched local IBAN accounts in major European markets and has reported positive unit economies across all territories.
Fincom has been steadily increasing its revenues, despite challenging macroeconomic conditions. The fintech firm increased its revenue by 100% last year and is maintaining a similar growth this year. The firm says it will use the new investment to enhance localized efforts and enter additional European markets. Its goal is to reach full Eurozone coverage before the end of this year.
The firm offers express tracking solutions, invoicing, payments, and entrepreneurs’ European SMEs digital banking. Fincom holds an Electronic Money Institution license, which allows it to operate across Europe.
