Norwegian fintech Neonomics has secured $4 million in new funding from existing shareholders, following a strategic transformation that has reduced its operating cost base by almost 50% while preserving its high service quality and existing customer base.
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The company has strengthened its team, sharpened its commercial focus and achieved over 60% growth in new customer acquisition since the beginning of the year. Growth is being driven across both payments and financial data, with the strongest potential emerging in areas including consumer-facing financial services, personal finance, accounting, ERP and other businesses building products and workflows around financial data.
Neonomics continues to see strong potential in open banking payments, while expanding into adjacent opportunities where its infrastructure and expertise in financial data can create additional value. The new funding will support the company in capturing this growth potential and scaling the business further.
“We have fundamentally strengthened Neonomics, creating a more focused and efficient business with a clear direction for growth,” says Alfonso Muñoz, CEO of Neonomics. “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.”
The company is also moving further up the value chain in financial data. As access to financial data becomes increasingly widespread, Neonomics sees growing opportunity in helping businesses structure, enrich and interpret that data to create more valuable financial products and experiences.
“Providing access to financial data is only the starting point,” adds Muñoz. “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.”