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

Jan de Vries · 2026-10-16

Neonomics, the Norwegian open finance platform, just raised €3.55 million ($4 million) from existing shareholders. But here's the twist: they did it after cutting operating costs by nearly half. That's not your typical startup story. Most companies raise to spend. Neonomics raised after proving they could do more with less. ### The Funding Details The funding comes from existing shareholders, though the company didn't disclose which ones participated. Its investor roster includes Newmark Capital, Bankify, FirstMark Capital, and TTU Private Equity. According to its website, Neonomics has now raised over €44.39 million ($50 million) in private investment to date. Not bad for a company founded in Oslo back in 2017. But the real story isn't the money. It's the discipline behind it. ### A Leaner, Meaner Neonomics Alfonso Muñoz, who joined as CFO in 2025 and became Interim CEO in February 2026, led a charge to strengthen financial governance. The result? Operating costs dropped by almost 50%. That's a huge shift for any company, let alone one in the competitive open banking space. > "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. ### What Neonomics Actually Does If you're new to Neonomics, here's the quick version: they provide open finance infrastructure to businesses across Europe. That means connecting companies to bank data and payment rails through a single API. Their PSD2 network reaches over 3,500 banks across Europe, with particularly strong coverage in the Nordics—more than 20 million consumers there. Their product suite, branded under 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. Neonomics is licensed by the Norwegian Financial Supervisory Authority as a Payment Institution, Payment Initiation Service Provider, and Account Information Service Provider. That authorization applies across the EU. ### Beyond Payments: The Intelligence Play As API-level access to bank data becomes more commoditized across Europe, Neonomics is betting on something bigger. They see a future where the real value isn't just in accessing data, but in making sense of 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. We see significant potential here alongside the continued growth of our payments business," added Muñoz. That's why the fresh capital will go toward expanding in areas like consumer-facing financial services, personal finance, accounting, ERP, and businesses building products around financial data. In other words, they're not just moving money—they're moving insight. ### What This Means for the Open Banking Space Neonomics isn't the only player in European open banking. But their approach—cutting costs, growing customers, and then raising—is a refreshing change from the burn-and-raise cycle. It signals a maturing market where efficiency matters as much as growth. For businesses in the US watching European open banking, Neonomics offers a case study in how to build a sustainable fintech. It's not about how much you raise; it's about how well you spend it. And with a leaner operation, a clear product vision, and fresh capital, Neonomics seems ready to prove that less really can be more.