Qonto raises $552 million at $5 billion valuation

Qonto, a French business, has raised $552 million (€486 million) in a Series D fundraising round. The startup has now been valued at $5 billion (€4.4 billion) as a result of this financing. This is one of the most significant funding rounds in the French IT scene.

Qonto is a challenger bank that specializes in business accounts. Small and medium businesses, as well as freelancers, are the primary targets of the startup. It has operations in France, Germany, Italy, and Spain at the moment.

Today’s investment round is led by Tiger Global and TCV. Qonto, which already has 220,000 customers, intends to continue to expand rapidly in the next years.“Our goal is to reach one million SMEs by 2025,” co-founder and CEO Alexandre Prot told me. “And we know that Tiger and TCV have supported quite a few companies to reach that scale.”

Alkeon, Eurazeo, KKR, Insight Partners, Exor Seeds, Guillaume Pousaz, Gaingels, and Ashley Flucas are among the new investors in the round. Existing investors Valar, Alven, DST Global, and Tencent are also increasing their investments.