Finom, a European challenger bank for SMEs, raises $54M

Finom, a European challenger bank aimed at SMEs (small and medium-sized enterprises) and freelancers, has raised €50 million ($54 million) in a Series B equity round of funding.

Founded out of the Netherlands in 2019, Finom lets businesses open up an online bank account in minutes and receive an IBAN (international bank account number) to support cross-border transactions. On top of that, customers also receive physical or virtual bank cards, expense management tools, and integration support for accounting software.