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 €3.55 million ($4 million) from existing shareholders. That might not sound like a headline-grabbing sum in today's funding environment. But here's the kicker: the company managed to cut its operating costs by nearly half before securing the round. That's a story worth paying attention to. ### The Funding Details The round came entirely from existing backers, though Neonomics didn't disclose which ones participated. Its investor roster includes Newmark Capital, Bankify, FirstMark Capital, and TTU Private Equity. According to the company's website, it has now raised over €44.39 million ($50 million) in private investment to date. Not too shabby for a startup founded in Oslo back in 2017. ### A Leaner, More Focused Neonomics The cost-cutting didn't happen by accident. It followed a leadership transition: Alfonso Muñoz, who joined as CFO in 2025, stepped in as Interim CEO in February 2026. He's been instrumental in tightening financial governance and operational discipline. The result? An almost 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," says Muñoz. And the numbers back him up. Since the start of the year, Neonomics has seen over 60% growth in new customer acquisition, with gains in both payments and financial data segments. That's the kind of traction that makes investors sit up and take notice. ### Beyond Payments: The Data Intelligence Play Neonomics isn't just another payments company. Its PSD2 network connects businesses 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, with authorization valid across the EU. Its product suite, marketed under the Nello brand, focuses on 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, lower-cost alternative to cards. But here's where it gets interesting. As API-level access to bank data becomes more commoditized across Europe, Neonomics sees a bigger opportunity in structuring, enriching, and interpreting that 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," adds Muñoz. ### What's Next for the Fresh Capital? The new funding will fuel growth in several areas: consumer-facing financial services, personal finance, accounting, ERP, and businesses building products and workflows around financial data. In other words, Neonomics is betting big on the intelligence layer—not just the pipes. For anyone watching the European open banking space, this is a company to keep an eye on. It's not just surviving; it's trimming the fat, growing customers, and doubling down on what it does best. And with $4 million more in the bank, it has the runway to prove the model works.