Neonomics Raises $4M After Slashing Costs in Half: 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 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 round came from existing investors, though the company didn't name them. Its backers include Newmark Capital, Bankify, FirstMark Capital, and TTU Private Equity. To date, Neonomics has raised over €44.39 million ($50 million) in private investment. That's a lot of faith from people who know the business best. ### What Neonomics Does Founded in Oslo in 2017, Neonomics connects businesses to over 3,500 banks across Europe through its PSD2 network. It's licensed by the Norwegian Financial Supervisory Authority 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. ### A Leadership Shift and a Leaner Operation The funding follows a leadership transition. Alfonso Muñoz, who joined as CFO in 2025, became Interim CEO in February 2026. He's been key in strengthening financial governance and operational discipline, which led to that 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 it up: new customer acquisition has grown over 60% since the start of the year, with gains in both payments and financial data segments. ### Beyond Payments: The Real Opportunity As API-level access to bank data becomes more commoditized across Europe, Neonomics sees a bigger play. The company is betting on its ability to structure, enrich, and interpret 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," Muñoz adds. The fresh capital will fuel growth in consumer-facing financial services, personal finance, accounting, ERP, and businesses building products around financial data. ### What This Means for the Market Neonomics' story is a reminder that efficiency matters as much as growth. By cutting costs and sharpening focus, the company has positioned itself to scale smartly. For anyone watching the open banking space, this is one to keep an eye on.