Neonomics Raises $4M After Slashing Costs by Half

Jan de Vries · 2026-10-16

Neonomics, the Norwegian open finance platform, just raised $4 million (€3.55 million) from existing shareholders. The company didn't name the investors, but its backers include Newmark Capital, Bankify, FirstMark Capital, and TTU Private Equity. According to its website, Neonomics has now pulled in over $50 million (€44.39 million) in private investment. This round comes after a serious internal shake-up. Alfonso Muñoz, who joined as CFO in 2025, stepped in as Interim CEO in February 2026. He's been on a mission to tighten the ship, and it's working—operating costs are down almost 50%. That's not just trimming the fat; it's a fundamental shift in how the company runs. ### The Nello Suite: More Than Just Payments Neonomics isn't your average open banking provider. Founded in Oslo in 2017, it's built a full-stack platform that connects businesses to over 3,500 banks across Europe. Its PSD2 network gives it leading coverage in the Nordics, reaching more than 20 million consumers there. Under the Nello brand, the company offers three core products: - **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**: account-to-account payments that are faster and cheaper than card rails. Neonomics holds licenses from the Norwegian Financial Supervisory Authority as a Payment Institution, Payment Initiation Service Provider, and Account Information Service Provider, valid across the EU. > "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," says Muñoz. ### Why the Cost Cuts Matter Cutting operating costs by nearly half while still growing isn't easy. But Neonomics says it's seen over 60% growth in new customer acquisition since the start of the year, with gains in both payments and financial data. That's a sign the leaner approach isn't scaring customers away—it's attracting them. The fresh capital will fuel expansion into consumer-facing financial services, personal finance, accounting, ERP, and businesses building products around financial data. ### Beyond Payments: The Data Play As API access to bank data becomes more commoditized in Europe, Neonomics sees a bigger opportunity. It's not just about moving money; it's about making sense of the data behind it. "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," Muñoz adds. That's a smart pivot. Payments are becoming a race to the bottom on price. But enriched data and AI-driven insights? That's where you can build a moat. Neonomics is betting that its ability to structure and interpret financial data will set it apart. With a leaner cost base, growing customer base, and fresh cash, the company seems well-positioned to make that bet. The next year will tell if Muñoz's discipline pays off.