Norwegian open banking provider Neonomics secures €3.56 million after cutting operating costs by nearly half

Neonomics, the Norwegian full-stack open finance platform that provides financial data, intelligence, verification, and payment infrastructure to businesses across Europe, has raised €3.55 million ($4 million).

The company said the funding came from existing shareholders but did not disclose the identities of participating investors. Its investors include Newmark Capital, Bankify, FirstMark Capital, and TTU Private Equity. On its website, the company says it has raised over €44.39 million ($50 million) in private investment to date.

“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 Alfonso Muñoz, CEO of Neonomics.

Founded in Oslo in 2017, Neonomics is an open finance platform that brings together Pay by Bank payments, enriched account data, and AI‑ready financial intelligence in a single infrastructure layer for businesses across Europe. Its PSD2 network connects businesses to over 3,500 banks across Europe with industry-leading coverage in the Nordics, reaching more than 20 million Nordic consumers.

Neonomics is licensed by the Norwegian Financial Supervisory Authority as a Payment Institution, Payment Initiation Service Provider, and Account Information Service Provider, with its authorisation applicable across the EU.

The company’s product suite is marketed under the Nello brand and is focused on three core areas: Nello Data, which provides real-time account verification and transaction access; Nello AI, which transforms raw transaction data into financial intelligence for credit and income decisions; and Nello Pay, which powers account-to-account payments as a faster and lower-cost alternative to card-based payment rails.

The funding follows a leadership transition at the company, during which Muñoz, who joined Neonomics as CFO in 2025, became Interim Chief Executive Officer in February 2026. He has played a key role in strengthening the company’s financial governance and operational discipline, leading to an almost 50% reduction in operating costs.

Neonomics says it has seen over 60% growth in new customer acquisition since the start of the year, with growth in both its payments and financial data segments. The fresh capital will be used by the company to grow in areas including consumer-facing financial services, personal finance, accounting, ERP, and businesses building products and workflows around financial data.

As API-level access to bank data becomes more commoditised across Europe, the company sees an opportunity to move beyond payments. Neonomics sees growing opportunity in 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,” added Muñoz.