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, ... Read full article.