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Banking startup Qonto raises USD 552 mln

Tuesday 11 January 2022 10:09 CET | News

France-based startup Qonto has raised a USD 552 million Series D funding round, reaching a valuation of USD 5 billion.

Tiger Global and TCV are leading the funding round. Some new investors are also participating in the round, such as Alkeon, Eurazeo, KKR, Insight Partners, Exor Seeds, Guillaume Pousaz, Gaingels, and Ashley Flucas. Existing investors Valar, Alven, DST Global, and Tencent are putting more money on the table as well.

With this new funding round, the company plans to grow its team from 500 employees to 2,000 people by 2025. Qonto will also invest in its existing markets. The company also plans to enter new market in 2023.

Qonto is a challenger bank focused on business bank accounts. The startup focuses primarily on small and medium companies as well as freelancers. It currently operates in France, Germany, Italy, and Spain.

At first, Qonto relied heavily on a third-party banking partner – Treezor. The startup then applied to get its own licence to become a payment institution. In 2020, Qonto moved all its clients to its in-house core banking system.

Qonto has expanded beyond the simple bank account. In addition to the everyday banking part, it also simplifies bookkeeping and accounting.


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Keywords: banks, startup, funding, expansion, challenger bank
Categories: Banking & Fintech
Companies: Qonto
Countries: France
This article is part of category

Banking & Fintech

Qonto

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