Qonto provides an all-in-one finance solution for SMEs and freelancers, covering everyday banking, financing, bookkeeping, and spend management. The company serves over 220,000 customers across France, Germany, Italy, and Spain and has quadrupled its revenue over the past two years. Qonto plans to expand its product offerings, strengthen its presence in Germany, Italy, and Spain, and enter new markets. The fresh capital will also be used to quadruple headcount to over 2,000 employees by 2024 and to invest more than €100 million in each core market over the next two years. Management targets that 75% of new clients will come from outside France by 2023. Since 2017 Qonto has raised approximately €619.3 million in total prior to this round. Qonto offers online and mobile-first business banking for small and medium companies and freelancers, providing accounts with French IBANs, physical and virtual debit cards, direct debit, checks, and integrations with accounting tools. The product is live in France, Italy, Spain and Germany and the company has attracted 65,000 companies over the past two and a half years. In 2019 Qonto managed €10 billion in transaction volume. Qonto obtained a payment institution license in June 2018 and has developed its own core banking infrastructure, with around 50% of users on Qonto’s backend and the rest on a third-party partner. The company plans to launch new payment features to encourage more users to migrate to its own backend and aims to obtain a credit institution license by the end of the year. Qonto plans to double down on existing markets, build country-specific features, and grow headcount from about 200 to 300 employees within a year. Qonto is a Paris-based fintech that provides SMEs and freelancers with tools to run their finances efficiently. Its product gives users a French IBAN, one or multiple debit cards and the ability to send and receive money. The service also supports bookkeeping for business customers. Qonto operates under the payment services regulation and is supervised by the Autorité de Contrôle Prudentiel et de Résolution under the Banque de France. The company has 90 employees and 25,000 clients. It recently raised $23M in a Series B and plans to double its team, build its own payment infrastructure and expand into Germany, Italy and Spain in 2019. Qonto provides digital bank accounts for small companies via web and mobile, offering a €9/month plan that includes a MasterCard and a French current account with an IBAN. The service lets companies order physical cards (€5/month), create virtual cards (€2/month), and manage user access so employees can use cards and view transactions. Card controls include block/unblock, PIN changes, real-time transaction notifications, adjustable administrator limits, and the ability to share transaction information with accountants. Planned features include an expense receipt upload workflow, multi-currency transfer handling, and integrations with fintechs such as Stripe, PayPal, and GoCardless. Qonto partners with Treezor to handle the banking backend and the generation of current accounts and debit cards while Qonto manages the customer experience. The company competes with players like iBanFirst, Seed, and Tide and has raised $11.3M (€10M) from existing investors. Qonto is a Paris-based next-generation bank for entrepreneurs offering an online banking service. Founded by Alexandre Prot and Steven Anavi, the platform lets entrepreneurs and startups create an account in less than five minutes and instantly receive an IBAN. Users can manage the company’s physical and digital business cards and perform day-to-day operations through the service. The company raised $1.7M in seed funding led by Alven Capital with participation from Valar Ventures (backed by Peter Thiel) and business angels. Qonto intends to use the funds to continue developing the solution. It will enter a beta phase in March and plans broader availability by the summer.

Total raised

$701M

Funding rounds

5

Latest round

Series D

Latest activity

Jan 2022