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

Jan de Vries · 2026-10-16

Neonomics, the Norwegian open finance platform, just raised $4 million (€3.55 million) from existing shareholders. The identities of the investors weren't disclosed, but the company's backers include Newmark Capital, Bankify, FirstMark Capital, and TTU Private Equity. To date, Neonomics has pulled in over $50 million in private investment. So why does this round matter? Because it comes after the company cut its operating costs by nearly half. That's a big deal in the startup world, where burn rate often defines survival. CEO Alfonso Muñoz says the move has created "a more focused and efficient business with a clear direction for growth." ### From Oslo to All of Europe Founded in 2017, Neonomics connects businesses to over 3,500 banks across Europe through its PSD2 network. It's especially strong in the Nordics, reaching more than 20 million consumers there. The company holds licenses from the Norwegian Financial Supervisory Authority as a Payment Institution, Payment Initiation Service Provider, and Account Information Service Provider—and those licenses work across the EU. Its product suite, branded Nello, covers 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 Leaner Machine The funding follows a leadership shakeup. Muñoz, who joined as CFO in 2025, became Interim CEO in February 2026. He's credited with tightening financial governance and operational discipline—leading to that almost 50% cost reduction. And the numbers are backing it up: new customer acquisition has grown over 60% since the start of the year, across both payments and financial data segments. > "We have fundamentally strengthened Neonomics, creating a more focused and efficient business with a clear direction for growth," Muñoz said in a statement. With the fresh capital, Neonomics plans to expand into consumer-facing financial services, personal finance, accounting, ERP, and businesses building products around financial data. ### Beyond Payments As API-level access to bank data becomes more commoditized in Europe, Neonomics sees an opportunity to move up the value chain. Instead of just providing access, it wants to structure, enrich, and interpret data for clients. "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 a smart pivot. Payments are becoming a race to the bottom on price. But intelligence? That's where you can build a moat. Neonomics is betting that its ability to turn raw bank data into actionable insights will set it apart. For now, the company seems to have found its footing: lower costs, growing demand, and fresh cash. The next challenge is turning that momentum into sustainable growth across Europe.