Neonomics raises €3.6M for open banking

Neonomics, a Norwegian open banking company, has raised about €3.6 million (around $4 million) in new funding, all of it from its existing shareholders. The round was announced on 15 October 2026 and follows a restructuring that cut the company's operating costs by almost half.

The deal is small by fintech standards, but it is a useful snapshot of where open banking stands in Europe: fewer big funding rounds, more focus on efficiency, and steady demand for account-based payments and financial data.

What happened

According to the company, the overhaul reduced its operating cost base by close to 50% without losing customers. Since January 2026 it has grown its team, narrowed its commercial focus and reported more than 60% growth in new customer acquisition. The new money is meant to support that growth and further expansion.

Chief executive Alfonso Muñoz said the business is now more focused and efficient, with a clear direction, and described the shareholder-led round as a sign of continued backing after the restructuring.

What Neonomics does

Founded in 2017, Neonomics provides payment infrastructure, financial data, verification and data intelligence to businesses across Europe. It is licensed by Norway's Financial Supervisory Authority and passported across the EU. Its customers include consumer finance providers, personal finance apps, accounting and ERP software firms and other companies whose products depend on financial data.

Open banking explained

Open banking lets a customer give a licensed provider secure, consent-based access to their bank account through the bank's own interface. That access can be used to read account data, for example to check income or categorise transactions, or to start a payment directly from the account. In Europe these rules come from the PSD2 directive.

For payments, the appeal is simple: the money moves as a bank transfer instead of a card payment. For someone asking how a money transfer app can top up or pay without a card, open banking is often the answer: you approve the payment in your own banking app and the funds move from your account.

Why it matters for payments

Account-to-account payments compete with cards and, increasingly, with newer rails such as stablecoins. If you are wondering what is a stablecoin, it is a digital token designed to keep a steady value, usually one US dollar; some apps let you buy crypto with a credit card and send it, while open banking keeps the payment inside the regular banking system. Both are being used for top-ups, merchant payments and international money transfer, and providers like Neonomics sit in the middle, connecting apps to banks.

Muñoz also argued that raw data access is only the starting point and that the value lies in helping businesses structure, enrich and interpret financial data. That reflects a wider shift in the sector from simply connecting to banks towards services built on top of those connections.

What to watch next

Key signals are how the EU's planned updates to payment rules, known as PSD3 and the Payment Services Regulation, affect open banking access, whether more providers combine payments with data services, and whether open banking payments win a larger share of online checkouts and app top-ups. In open banking and stablecoin news alike, consolidation and efficiency are likely to remain themes.

What it means for ODIX Pay users

Open banking already plays a part in the ODIX Pay app: you can top up your account with an open banking payment, approving it in your own bank's app, with the amount and any fee shown before you confirm. Availability depends on your country. See how open banking top-ups work in ODIX Pay.