Neonomics Raises $4M After Slashing Costs: What's Next for Open Banking?

Jan de Vries · 2026-10-16

Neonomics, the Norwegian open finance platform, just raised $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 doubling down on what works. ### The Funding Details The company didn't disclose which investors participated, but its backers include Newmark Capital, Bankify, FirstMark Capital, and TTU Private Equity. To date, Neonomics has raised over $50 million in private investment. That's a serious vote of confidence in a market that's becoming increasingly crowded. ### A Leaner, More Focused Neonomics Alfonso Muñoz, who stepped in as CEO earlier this year, has been on a mission to tighten things up. He joined as CFO in 2025 and became Interim CEO in February 2026. Since then, he's led a nearly 50% reduction in operating costs. That's not just trimming the fat—that's a fundamental shift in how the company operates. > "We have fundamentally strengthened Neonomics, creating a more focused and efficient business with a clear direction for growth," Muñoz 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 it up: new customer acquisition has grown over 60% since the start of the year, across both payments and financial data segments. ### 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 is licensed by the Norwegian FSA as a Payment Institution, Payment Initiation Service Provider, and Account Information Service Provider—and that authorization works across the EU. Its product suite, branded 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**: account-to-account payments that are faster and cheaper than card-based rails. ### Beyond Payments: The Data Intelligence Play As API-level access to bank data becomes more commoditized, Neonomics sees an opportunity to move beyond just payments. The real value, according to Muñoz, is in structuring, enriching, and interpreting that data for clients. "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." The fresh capital will fuel growth in consumer-facing financial services, personal finance, accounting, ERP, and businesses building products around financial data. If Neonomics can keep its costs low while scaling its data intelligence offerings, it might just carve out a durable niche in Europe's open banking landscape. For now, the message is clear: Neonomics is leaner, more focused, and ready to grow. And with $4 million more in the bank, it has the runway to prove it.