Latest news with #KosStiskin
Finextra
07-05-2025
- Business
- Finextra
Finom secures $105 million growth investment from General Catalyst
Finom, the Amsterdam-based financial management platform for SMEs and freelancers, has secured a $105 million growth investment from the Customer Value Fund of long-time investor General Catalyst. 0 This investment follows Finom's €50 million ($54 million) Series B in February 2024, co-led by General Catalyst and Northzone, bringing its total funding to nearly €190 million ($200 million) since launch. Finom currently serves over 100,000 businesses across Germany, France, Spain, the Netherlands, and Italy and will apply the new funding line to expand to other EU markets. Unlike traditional growth capital, General Catalyst's investment allows Finom to finance their investment on acquiring customers without diluting shareholders or taking on additional risk, as GC assumes the downside exposure. In return, GC is entitled only to the customer value created by that spend, and GC's entitlement is capped at a fixed amount. Kos Stiskin, Finom's chairman and co-founder, says: "GC's Customer Value Fund is not just about injecting capital - it's about injecting expertise and alignment. They understand our business deeply and are funding growth in a way that preserves our equity and autonomy. With GC's support, we can aggressively expand across Europe, knowing we have a partner who shares our vision and is truly invested in our success." Since its launch in 2020, Finom has expanded across key European markets, introducing local Iban accounts in Germany, France, Italy and Spain. The Amsterdam-based company doubled revenue in 2024 and expects to sustain that pace in 2025, despite a softer macroeconomic environment.
TechCrunch
06-05-2025
- Business
- TechCrunch
Finom, a challenger bank aimed at SMBs, lands $105M in growth funding from General Catalyst
Finom, an Amsterdam-based digital bank for small- and medium-sized businesses, has raised €92.7 million (roughly $105 million) in a growth investment from General Catalyst's Customer Value Fund, the company tells TechCrunch exclusively. The capital infusion 'will be used exclusively and only for growth' and not for operational expenses or product development, Kos Stiskin, Finom's chairman and co-founder, told TechCrunch. He described it as a non-traditional funding round in which General Catalyst doesn't take any equity. '[O]ur core operations are generating positive cash flow, and all new investments and funding go directly toward attracting new clients,' Stiskin said. Finom is primarily in the banking business, but this year, the company expanded its offerings beyond digital banking services. In February, Finom unveiled what Stiskin described as an 'autonomous AI accounting agent' for entrepreneurs and freelancers in Europe. And in March, the startup expanded into direct lending, which incorporates an AI-powered scoring engine. Finom's credit offering, available in the Netherlands, will be expanded across Europe by year's end, Stiskin added. Today, Finom counts over 100,000 businesses across Germany, France, Spain, the Netherlands, and Italy as customers, reporting positive unit economics in all markets. Its revenue model is primarily subscription-based. Finom also generates revenue through transaction fees for certain services and offers a competitive cashback program. The recent expansion into lending also opened a new revenue stream through interest on credit lines. Image Credits:Finom Stiskin declined to reveal hard revenue figures, but he told TechCrunch that Finom doubled its annual recurring revenue in 2024 and that the company is 'EBITDAM (earnings before interest, taxes, depreciation, amortization, and marketing) profitable.' Techcrunch event Exhibit at TechCrunch Sessions: AI Secure your spot at TC Sessions: AI and show 1,200+ decision-makers what you've built — without the big spend. Available through May 9 or while tables last. Exhibit at TechCrunch Sessions: AI Secure your spot at TC Sessions: AI and show 1,200+ decision-makers what you've built — without the big spend. Available through May 9 or while tables last. Berkeley, CA | BOOK NOW In an interview, Stiskin described Finom's closest competitor as Qonto, a Paris-based challenger bank that in January 2022 announced a massive €486 million ($548 million) Series D funding round. But Stiskin believes that Finom has a 'stronger localization strategy and more comprehensive product suite.' Presently, Finom has 505 employees, up 31.5% compared to last year. Last September, the company named Alessandro Camilotti, former head of finance and analytics EU at Klarna, as its CFO. In total, Finom has raised nearly €190 million (roughly $214 million) since its inception in 2020. In February 2024, Finom announced it had raised €50 million (roughly $56 million) in a Series B equity round of funding co-led by General Catalyst and Northzone. The startup has declined to reveal its valuation. According to PitchBook, Finom was valued at $150.7 million post-money in November 2021 after a €30 million (roughly $33.8 million) seed funding round from VCs Target Global, Tal Ventures, and General Catalyst. Zeynep Yavuz, partner at General Catalyst, believes that Finom has 'shown strong execution in a market that is still deeply underpenetrated.' She also thinks its modular infrastructure gives the company the ability 'to scale efficiently' across geographies, 'leveraging shared capabilities while localizing where needed.' 'We see Finom's proprietary anti-money laundering and know-your-customer engine as a standout advantage — not just for compliance, but for customer experience,' Yavuz said.
