Consortium invests €104m in fintech startup Qonto

Also taking part in the round alongside existing shareholders Valar and Alven were new backers DTS Global and Chinese internet corporate Tencent. Business angels Ingo Uytdehaage and Taavet Hinrikus also invested in the business, according to French daily Le Figaro.

The fresh capital will help the startup expand internationally and become a fully-licensed bank.

According to a statement by Qonto, this is the largest funding round ever raised for a France-based fintech startup.

Previous founding
Qonto secured seed funding in early 2017, as well as a €10m funding round from Valar and Alven in July that same year. The latter investors and the European Investment Bank (EIB) then backed a €20m series-B round for the business in Q3 2018. 

Company
Paris-based Qonto provides payment services and other financial services for entrepreneurs and startups. The challenger bank claims it can help business owners save time, gain control over their finances and have an improved visibility on cashflow.

The business was founded in 2016 and services were made available in July 2017. Today the company serves around 65,000 business customers and employs 170 people, according to its website.

People
Qonto – Steve Anavi (president); Alexandre Prot (CEO).

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