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Owners
Qonto is a French digital bank for freelancers, small and medium businesses. The fintech company was launched in 2016.
The service allows you to order a physical or virtual card, set limits or freeze the card. You can also manage multiple accounts and configure access levels.
History
2022: Attraction of 486 million euros, estimated at 4.4 billion euros
In early January 2022, Qonto, an online bank for freelancers, raised about 486 million euros in the Series D financing round. The valuation startup of this investment transaction increased to 4.4 billion euros.
The latest investment round was led by Tiger Global and TCV. The round also featured some new investors such as Alkeon, Eurazeo, KKR, Insight Partners, Exor Seeds, Guillaume Pousaz, Gaingels and Ashley Flucas. Existing investors Valar, Alven, DST A Yuri Milner and Tencent have also invested in Qonto. With 220,000 customers, Qonto plans to continue rapid growth over the coming years.
 | Our goal is to attract a million small and medium-sized enterprises by 2025, "said Alexander Prot, co-founder and CEO of the startup. - And we know that Tiger and TCV supported many companies to achieve this scale. |  |
Startup Qonto went beyond providing customers with a simple bank account. Alexander Prot defines Qonto as three different products combined into one service. In addition to day-to-day banking, it also simplifies accounting and provides users with tools for managing expenses.
At the expense of funds from the last round of financing, the startup plans to increase its team from 500 to 2000 people by 2025. Qonto will also invest heavily in existing markets. The CEO of the startup said that Qonto will be able to invest more than 100 million euros in each of the markets.
| | About a third of our customers have formed their companies with us. This is their first account and the only one they use, "said Alexander Prot. - Two-thirds of our customers are companies that existed before we opened an account. About half of them close their existing bank account, half use Qonto in parallel with one or more accounts.[1] | |
2020: Attracting $115 million in investments, including from DST Global
In January 2020, Qonto announced the attraction of $115 million in investments. The company held a Series C funding round, which was led by Yuri Milner's DST Fondation and Chinese Internet giant Tencent.
In addition, current investors have invested in the startup - Valar Ventures and Alven, co-founder of the payment service TransferWise Taavet Hinricus and financial director of the Dutch fintech company Adyen Ingo Jutdenhaag.
Qonto intends to spend the money received from investors to expand the business, create new functions, update its own platform and increase the number of staff. By the end of 2020, it is planned to increase the staff from 200 to 300 people.
By January 2020, Qonto operates in France, Italy, Spain and Germany, and the number of customers is about 65 thousand. In 2019, the digital bank processed transactions worth 10 billion euros against 3.5 billion euros a year earlier. The company says that the European online banking market for business needs changes and new opportunities in the field of mobile and Internet solutions.
The company has a license for a payment institution, which was issued in 2018 after creating its own banking infrastructure. The company intends to obtain a license from a credit institution that will open new sources of income, reports the publication TechCrunch.
According to the results of the investment market, Qonto was valued at $500 million.[2]
Notes
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