Neonomics Raises $4M After Slashing Costs by Nearly Half

Jan de Vries · 2026-10-16

Neonomics, the Norwegian open finance platform, just raised €3.55 million ($4 million) from existing shareholders. The company didn't name the investors, but its backers include Newmark Capital, Bankify, FirstMark Capital, and TTU Private Equity. To date, Neonomics has pulled in over €44.39 million ($50 million) in private investment. So why does this round matter? Because it comes after a major turnaround. The company cut operating costs by almost 50%, and that discipline is paying off. ### From cost-cutting to growth Alfonso Muñoz, who joined as CFO in 2025 and became Interim CEO in February 2026, led the charge. "We have fundamentally strengthened Neonomics, creating a more focused and efficient business with a clear direction for growth," he said. "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. New customer acquisition has grown over 60% since the start of the year, with gains in both payments and financial data. ### What Neonomics actually does Founded in Oslo in 2017, Neonomics connects businesses to over 3,500 banks across Europe through a single API. Its PSD2 network reaches more than 20 million consumers in the Nordics alone. The company is licensed by the Norwegian FSA as a Payment Institution, Payment Initiation Service Provider, and Account Information Service Provider, with passporting rights across the EU. Its product suite, branded Nello, covers 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:** account-to-account payments that are faster and cheaper than cards. ### Beyond payments: the intelligence play As API access to bank data becomes commoditized, Neonomics sees a bigger opportunity in making sense of that data. "Providing access to financial data is only the starting point," Muñoz added. "The real value lies in turning that data into intelligence that improves financial products, workflows and decisions." The fresh capital will fuel expansion into consumer-facing financial services, personal finance, accounting, ERP, and businesses building workflows around financial data. > "We have fundamentally strengthened Neonomics, creating a more focused and efficient business with a clear direction for growth." – Alfonso Muñoz, CEO For anyone watching European open banking, Neonomics is proving that lean operations and a clear focus can attract capital—even in a tough market.