Neonomics raises $4M from existing shareholders after cutting its cost base by almost half

Norwegian open banking provider Neonomics has raised $4 million entirely from its current shareholders, following a restructuring that cut operating costs by close to 50% without losing customers.

Neonomics supplies open banking payments and access to financial data to businesses building financial products. Since January, new customer acquisition has grown by more than 60% while the company narrowed its commercial priorities and added to the team.

Demand comes from two directions: open banking payments, which stay central, and financial data, where Neonomics sees its biggest opportunities among consumer finance providers, personal finance platforms, accounting and ERP businesses. The plan is to move from giving access to data to organising and enriching it.

CEO Alfonso Muñoz said a lower cost structure, growing demand and continued shareholder support put the company in a strong position to execute. The funds go to these opportunities and to neighbouring markets.