Neonomics, the Norwegian open finance platform known for its extensive financial services, has raised €3.56 million ($4 million) from its existing shareholders. The company chose not to disclose the identities of the investors involved, although it has a notable backing from firms like Newmark Capital, Bankify, FirstMark Capital, and TTU Private Equity.
This funding arrives on the heels of a strategic cost-cutting effort, which has nearly halved the company's operating expenses. CEO Alfonso Muñoz highlighted that this restructuring has allowed Neonomics to focus on its growth strategy under a more efficient business model. With a solid foundation of reduced costs and growing customer demand, Neonomics aims to enhance its offerings connecting businesses with over 3,500 banks across Europe.