French startup Qonto has raised a $115 million Series C funding round led by Tencent and DST Global. Today’s news comes a few days after another French fintech startup Lydia raised some money from Tencent.
Existing investors Valar and Alven are also participating in today’s funding round. TransferWise co-founder Taavet Hinrikus and Adyen CFO Ingo Uytdehaage are also joining the round. Qonto says that it represents the largest funding round for a French fintech company.
Qonto is a challenger bank, or a neobank, but for B2B use cases. Instead of attracting millions of customers like N26 or Monzo, Qonto is serving small and medium companies as well as freelancers in Europe.
According to the startup, business banking in Europe is broken. The company thinks it can provide a much better user experience with an online- and mobile-first product.
The company has managed to attract 65,000 companies over the past two years and a half. The product is currently live in France, Italy, Spain and Germany. In 2019 alone, Qonto has managed €10 billion in transaction volume.
With today’s funding round, the company plans to double down on its existing markets, develop new features that make the platform works …read more
Source: Tech Crunch