France-based challenger neobank Qonto has raised an additional RUR 104 million in a Series C round led by investors Tencent and DST Global, according to IBS Intelligence.
The company states that the Series C funding is expected to strengthen its French market position and speed up presence in three new markets including Italy, Spain and Germany. The capital will assist Qonto in expanding its team as well as in gaining its own credit institution license by the end of the year in a bid to offer new services by becoming a bank.
Founded in 2016, Qonto is a neobank for SMEs and freelancers. It aims to assist business owners through streamlined account opening, accounting exports, expense management feature and allows them to have more control while giving their teams autonomy. It also aims to provide visibility on cash-flows through smart dashboards, transactions auto-tagging, and cash flow monitoring.
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