Qonto, a French neobank for SMEs and freelancers, raised a $552 million Series D funding round (€486 million) led by Tiger Global and TCV.
Following this investment, the startup has reached a valuation of $5 billion (€4.4 billion). This is one of the largest rounds in the French tech ecosystem.
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 today’s funding round, the company plans to grow its team from 500 employees to 2,000 people by 2025.
Company: Olinda SAS
Round: Series D
Funding Month: January 2022
Lead Investors: Tiger Global and TCV
Additional Investors: Alkeon, Eurazeo, KKR, Insight Partners, Exor Seeds, Guillaume Pousaz, Gaingels, Ashley Flucas, Valar, Alven, DST Global, and Tencent
Company Website: https://qonto.com/
Software Category: Finance Management Solution
About the Company: Qonto is a challenger bank focused on business bank accounts, Qonto provides a fully-featured business account with a simplified accounting flow. Better than a business bank account, Qonto offers tools and integrations that make financial management and accounting simple. The startup focuses primarily on small and medium companies as well as freelancers. Qonto’s mission is to create the finance solution all businesses love through technology, elegant design, and an outstanding sense of customer care It currently operates in France, Germany, Italy, and Spain, 220,000 companies are paying for Qonto every month. Pricing ranges from €9 per month for the most basic freelancer account to €249 per month for enterprise accounts.