Neonomics Raises $4M After Slashing Costs by 50%

Jan de Vries · 2026-10-16

Neonomics, the Norwegian open finance platform, just raised €3.55 million ($4 million) from existing shareholders. But here's the kicker: they did it after cutting operating costs by nearly half. That's not just a funding story—it's a story about getting lean and then getting funded. ### The Funding Details The round came from existing backers, though the company didn't name which ones participated. Its investor list includes Newmark Capital, Bankify, FirstMark Capital, and TTU Private Equity. According to Neonomics, it has now raised over €44.39 million ($50 million) in private investment to date. Not too shabby for a company founded in Oslo back in 2017. ### What Neonomics Actually Does Neonomics isn't your average fintech. It's a full-stack open finance platform that gives businesses across Europe access to financial data, intelligence, verification, and payment infrastructure. Its PSD2 network connects to over 3,500 banks across Europe, with particularly strong coverage in the Nordics—reaching more than 20 million consumers there. The company is licensed by the Norwegian Financial Supervisory Authority as a Payment Institution, Payment Initiation Service Provider, and Account Information Service Provider. That authorization is valid across the entire EU. ### The Nello Product Suite Neonomics markets its products under the Nello brand, and they're split into three core 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**: Powers account-to-account payments as a faster, cheaper alternative to card-based rails. ### A Leadership Shift and a Leaner Business The funding follows a leadership transition. Alfonso Muñoz, who joined as CFO in 2025, became Interim CEO in February 2026. He's been instrumental in tightening the company's financial governance and operational discipline—leading to that nearly 50% reduction in operating costs. > "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," Muñoz said. ### Growth on the Horizon Neonomics says it has seen over 60% growth in new customer acquisition since the start of the year, with gains in both payments and financial data segments. The fresh capital will fuel expansion into areas like consumer-facing financial services, personal finance, accounting, ERP, and businesses building products around financial data. As API-level access to bank data becomes more commoditized across Europe, Neonomics sees an opportunity to move beyond payments. The real value, according to Muñoz, lies in structuring, enriching, and interpreting data for clients. > "Providing access to financial data is only the starting point. 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," he added. So what's the takeaway? Neonomics is proof that cutting costs and focusing your business can make you more attractive to investors—even in a tough funding environment. And with a leaner operation and fresh capital, they're ready to scale.