Qonto, a French fintech startup that provides online banking services for startups, has raised €10 million additional funding from its two main investors, Valar Ventures and Alven Capital. In the beginning of this year Qonto already raised €1.6 million in seed funding from Valar Ventures, Alven Capital, and several business angels, allowing the Paris-based startup team to launch their checking account platform. A few months ago we also mentioned Qonto as one of “10 French startups to look out for in 2017“.
Founded in 2016, Qonto presents itself as the first fully online SME financing tool. Qonto provides an online banking service that allows entrepreneurs, startups and SMEs to create a bank account in less than 5 minutes. With Qonto you can instantly receive an IBAN and get started to manage your company’s physical and digital business cards and perform your day to day operations.
According to the Qonto founders, the fresh capital will be used by the French startup to expedite the development of their online banking platform and offer its services to small businesses.
The Qonto founders Alexandre Prot and Steve Anavi stated: “We are certainly not bankers, but we are serial entrepreneurs. Starting from a blank page, we have taken the technology and product standards of Google, Amazon customer service, and SaaS sector pricing. We have also surrounded us with the best partners for our banking back-office. Our agnostic approach was a huge bet, but the feedback we’ve had from our 200 users in beta is without appeal and promising for the future. We are honored by the trust of our users, of the 30 talented people who have joined our team, and our investors”