Neonomics Raises $4M After Slashing Costs by Half

Jan de Vries · 2026-10-16

Neonomics, the Norwegian open finance platform that gives businesses across Europe access to financial data, intelligence, verification, and payment infrastructure, just raised €3.55 million ($4 million). The funding comes from existing shareholders, though the company didn't disclose which ones participated. Its investor roster includes Newmark Capital, Bankify, FirstMark Capital, and TTU Private Equity. According to its website, Neonomics has now pulled in over €44.39 million ($50 million) in private investment to date. ### A Leaner, More Focused Neonomics "We have fundamentally strengthened Neonomics, creating a more focused and efficient business with a clear direction for growth," says Alfonso Muñoz, CEO of Neonomics. "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." That improved cost structure is no small feat. The company has cut operating costs by nearly 50%, a move that likely gives it more runway and flexibility as it scales. ### What Neonomics Does Founded in Oslo in 2017, Neonomics brings together Pay by Bank payments, enriched account data, and AI‑ready financial intelligence into a single infrastructure layer. Its PSD2 network connects businesses to over 3,500 banks across Europe, with leading coverage in the Nordics—reaching more than 20 million Nordic consumers. Neonomics is licensed by the Norwegian Financial Supervisory Authority as a Payment Institution, Payment Initiation Service Provider, and Account Information Service Provider. That authorization applies across the EU. The company's product suite, marketed under the Nello brand, focuses on three core areas: - **Nello Data:** Real-time account verification and transaction access. - **Nello AI:** Transforms raw transaction data into financial intelligence for credit and income decisions. - **Nello Pay:** Powers account-to-account payments as a faster, lower-cost alternative to card-based rails. ### Leadership Shift and Growth The funding follows a leadership transition. Muñoz, who joined as CFO in 2025, became Interim CEO in February 2026. He's been key in strengthening financial governance and operational discipline, which led to that nearly 50% cost reduction. 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 growth in consumer-facing financial services, personal finance, accounting, ERP, and businesses building products and workflows around financial data. ### Beyond Payments: The Data Intelligence Play As API-level access to bank data becomes more commoditized across Europe, Neonomics sees an opportunity to move beyond payments. The company is betting on its ability to structure, enrich, and interpret data for clients. "Providing access to financial data is only the starting point," Muñoz adds. "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." In short, Neonomics is positioning itself as more than just a pipes provider—it's aiming to be the intelligence layer that helps businesses make smarter financial decisions. With a leaner cost base and fresh capital, it's a story worth watching.