Finom: From Startup to Scaling Fintech Challenger
Founded in 2019 by a group of fintech veterans — Andrey PetrovDealroom has a profile for this one. Try Dealroom →, Konstantin StiskinDealroom has a profile for this one. Try Dealroom →, Oleg LagutaDealroom has a profile for this one. Try Dealroom →, and Yakov NovikovDealroom has a profile for this one. Try Dealroom → — Finom started with a bold vision: to reinvent banking for small and medium-sized enterprises (SMEs) and entrepreneurs in Europe. At a time when traditional banks were slow, bureaucratic, and often ill-equipped to serve the nuanced needs of growing businesses, Finom sought to build a nimble, tech-first banking solution that would streamline finance and empower its users.
Right from the start, the founders understood that digital banking is not just about transactions — it’s about creating an ecosystem that seamlessly integrates invoicing, payment processing, expense management, and FX services, all underpinned by a proprietary core banking system. This ambition led Finom to secure an Electronic Money Institution (EMI) license, a critical regulatory milestone that allowed it to operate across European markets with greater autonomy and trust.
In the early years, Finom’s growth was steady but measured, focusing on product-market fit and building trust among SMEs hungry for better financial tools. But what truly set Finom apart was its ability to leverage AI-driven credit assessment to launch a pilot on-demand funding program — a significant move towards direct lending and enabling its customers with flexible credit lines from €2,000 to €50,000.
By 2024, Finom had more than doubled its annual recurring revenue and reached EBITDA profitability, signaling a maturing fintech poised for scale. This momentum culminated in a landmark €115 million funding round, led by General Catalyst’s Customer Value Fund, earmarked explicitly for accelerating growth and expanding the customer base with an ambitious goal: reaching one million customers by the end of 2026.
Finom’s story is a classic fintech evolution — from startup roots addressing a clear pain point, to building a comprehensive digital banking platform, and now boldly expanding into credit and lending. It’s a journey marked by strategic vision, operational discipline, and a keen sense of timing in a rapidly evolving European fintech landscape.
Sources:
A.M.
