Neobank startup Qonto secures €20 million in Series B funding for a total amount of €32 million raised so far

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This new funding comes from historic investors Alven and Valar, as well as the European Investment Bank (EIB) Group as new investor.

Since July 2017, Qonto has used technological know-how and original design to provide financial services to SMEs and freelancers. With a 100% online and mobile offering, the Paris-based startup provides a business account with a smooth, contemporary interface and full customer support for a fair price. In a little over one year, Qonto has served 25,000 customers with a transaction volume of roughly €1.7 billion.

 

This Series B funding, representing the largest round of funding for a French neobank, will allow the company to develop their growth plan and attract many more European businesses in the next three years. The additional funding will allow Qonto to expand their team from 90 to 190 employees, invest in significant product and technical developments, expand engineering and product development teams, and expand into several new markets.

 

Alven Partner Raffi Kamber commented, “Past years banking innovations focused on individual clients, but completely overlooked business clients, and Qonto fixed this market asymmetry. The team has launched a service that offers an unprecedented user experience. They are definitely building the next European leader, and we are continuously impressed by their vision and agility.”

 

Having supported the company since 2017 as one of the first investors Alven is particularly proud to support Qonto in this new phase of development.


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