Neonomics Raises $4M After Slashing Costs by 50%: What's Next?

Jan de Vries · 2026-10-16

Neonomics, the Norwegian open finance platform, just raised $4 million (€3.55 million) from existing shareholders. The identities of the investors weren't disclosed, but the company's backers include Newmark Capital, Bankify, FirstMark Capital, and TTU Private Equity. According to its website, Neonomics has now raised over $50 million in private investment to date. But here's the interesting part: this funding comes after the company cut its operating costs by nearly half. That's a huge deal, especially for a startup in a crowded market. It shows that Neonomics isn't just burning cash to grow—it's getting leaner and more focused. ### A Leaner, More Focused Neonomics Alfonso Muñoz, who joined as CFO in 2025 and became Interim CEO in February 2026, led the charge on financial discipline. In a statement, he said, "We have fundamentally strengthened Neonomics, creating a more focused and efficient business with a clear direction for growth. The combination of a significantly improved cost structure, growing customer demand and continued shareholder support puts us in a strong position to execute on our strategy." And the numbers back him up. Since the start of the year, Neonomics has seen over 60% growth in new customer acquisition, with gains in both payments and financial data segments. That's impressive for any company, but especially one that just trimmed its expenses so drastically. ### What Neonomics Actually Does Founded in Oslo in 2017, Neonomics connects businesses to over 3,500 banks across Europe through its PSD2 network. It's particularly strong in the Nordics, reaching more than 20 million consumers there. The company holds licenses from the Norwegian Financial Supervisory Authority as a Payment Institution, Payment Initiation Service Provider, and Account Information Service Provider—and those licenses are valid across the EU. Its product suite, branded as Nello, focuses on three areas: - **Nello Data**: real-time account verification and transaction access. - **Nello AI**: turns raw transaction data into financial intelligence for credit and income decisions. - **Nello Pay**: enables account-to-account payments as a faster, cheaper alternative to cards. So, what's the big picture? Neonomics is essentially building the infrastructure that lets businesses tap directly into bank data and move money without relying on traditional card networks. That's a big deal as open banking matures in Europe. ### Beyond Payments: The Data Intelligence Play As API-level access to bank data becomes more commoditized, Neonomics sees an opportunity to go beyond just payments. The real value, according to Muñoz, is in turning that data into intelligence. "Providing access to financial data is only the starting point," he said. "The real value lies in turning that data into intelligence that improves financial products, workflows and decisions. We see significant potential here alongside the continued growth of our payments business." That's a smart pivot. Plenty of companies can offer raw bank data. But structuring, enriching, and interpreting that data for specific use cases—like consumer-facing financial services, personal finance, accounting, ERP, and custom workflows—that's where the moat is. And it's exactly where Neonomics plans to invest its fresh capital. ### The Road Ahead With a leaner cost structure, growing customer demand, and fresh capital, Neonomics seems well-positioned to execute on its strategy. The company has come a long way since its founding, and this latest raise—modest as it is—signals continued confidence from its existing investors. For anyone watching the European open banking space, Neonomics is a name to keep on your radar. It's not just about payments anymore; it's about turning financial data into actionable intelligence. And that's a trend that's only going to grow.