Valar et al. inject €20m into Qonto

Existing shareholders Valar Ventures and Alven Capital and new backer the European Investment Bank (EIB) have taken part in the round, which according to the company is the largest round of funding for a French digital banking startup to date.

The total amount of funds raised so far is €32m.

The funding will allow Qonto to strengthen its market position in France while developing its offering and investing in its international expansion. The fintech expects to attract hundreds of thousands of small and medium-sized businesses in Europe in the next three years.

Previous funding
Qonto secured seed funding in early 2017. In July 2017 it benefited from a €10m funding round from Valar and Alven.

Company
Founded in 2016, Qonto provides payment services and other financial services for entrepreneurs and startups. With services made available in July 2017, the company claims to serve up to 25,000 business customers and operate a transaction volume exceeding €1.7bn.

People
Qonto – Alexandre Prot (co-founder, CEO).

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• Topics
• Expansion
• France
• Financing
• France
• Alven Capital
• Venture