Fintech firm Qonto raises 486 mn euros

Qonto, a France-based online bank for small and medium-sized companies (SMEs), has raised 486 million euros.
Dollar spending on technologyQonto’s latest fundraising was led by investment firm Tiger Global and private equity fund TCV, and were followed by eight other, new contributors, including Eurazeo, KKR and Alkeon.

Previous investors, which include Valar, Alven, DST Global and Chinese tech giant Tencent, also participated in the funding, Qonto said.

The five-year-old company has a banking license for payments and offers bookkeeping and financial management services for SMEs at a monthly subscription price starting at 9 euros ($10.20).

It has recently partnered with another French fintech, October, which offers SMEs small loans of up to 30,000 euros. It has also partnered with Payfit, a software company that has developed a payroll platform.

“Our goal is to make life as easy as possible for companies,” said Qonto co-founder and CEO Alexandre Prot. The company says it has 220,000 clients across four countries, including France, Germany, Italy and Spain.

Qonto will use the funding to quadruple its staff to 2,000 by 2025. Qonto aims to grow the number of clients to 1 million SMEs and freelancers.

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