Paris-based FinTech startup Qonto raises $1.7 million to build a new kind of bank for entrepreneurs

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Qonto, a Paris-based next generation bank for entrepreneurs, raised $1.7 million in seed funding. The round was led by Alven Capital with participation from Valar Ventures, the venture capital fund backed by Peter Thiel, and business angels. The FinTech startup intends to use the fresh capital to continue to develop its new banking solution.

Founded by Alexandre Prot and Steven Anavi in 2016, Qonto provides an online banking service that allows entrepreneurs, startups and SMEs to create an 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. The young company will enter into beta phase in March and become available to a broader audience by the summer.

This new banking service by Qonto has three goals that it plans to achieve for its clients: Save time, improve the financial visibility and save banking fees.