Neonomics Raises $4M After Slashing Costs by Nearly Half

Jan de Vries · 2026-10-16

Neonomics, a 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. What's interesting here isn't just the raise—it's the timing. Neonomics cut its operating costs by almost 50% before securing this round. That's a rare move in startup land, where burning cash is often the norm. But it worked. The company now has a leaner structure and a clear path forward. ### From Cost-Cutting to Growth Alfonso Muñoz, who stepped in as CEO in February 2026 after joining as CFO in 2025, led the charge on financial discipline. "We have fundamentally strengthened Neonomics," he said in a statement. "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 demand is real. 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. ### What Neonomics Actually Does Founded in Oslo in 2017, Neonomics connects businesses to over 3,500 banks across Europe through its PSD2 network, with especially strong coverage in the Nordics—reaching more than 20 million consumers there. 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 as a faster, cheaper alternative to cards 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. ### The Bigger Picture As API-level access to bank data becomes more commoditized in Europe, Neonomics sees an opportunity to go beyond just payments. "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." That's where the fresh capital comes in. Neonomics plans to expand into consumer-facing financial services, personal finance, accounting, ERP, and businesses building products around financial data. For U.S. entrepreneurs watching the European open banking space, Neonomics offers a case study in how to pivot from pure infrastructure to higher-value data intelligence—and how to do it without burning through cash.