Neonomics, the Norwegian open banking FinTech, has raised $4m from its current shareholders after an overhaul that cut its operating costs by close to half without losing customers or weakening service standards.

The capital comes entirely from existing backers, a sign of continued investor commitment following a period of restructuring. Since January, the firm has lifted new customer acquisition by more than 60%, while also adding talent to its team and narrowing its commercial priorities.

Demand is rising on two fronts: payments and financial data. Neonomics identifies its biggest opportunities among consumer-facing financial services providers, personal finance platforms, accounting and ERP businesses, and other companies whose products and workflows depend on financial data.

Open banking payments remain central to the strategy. At the same time, the company is pushing into neighbouring markets where its infrastructure and data know-how can generate further value. The fresh funds are earmarked for pursuing these opportunities and expanding the business.

Neonomics operates in open banking, supplying payments capabilities and access to financial data for businesses that build financial products and services.

A key part of its plan involves climbing higher up the financial data value chain. With access to such data becoming more commonplace, the firm believes the larger opportunity lies in helping clients organise, enrich and make sense of the information, so they can deliver stronger financial products and customer experiences.

Neonomics CEO Alfonso Muñoz said, “We have fundamentally strengthened Neonomics, creating a more focused and efficient business with a clear direction for growth.

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