Qonto raises $115 million

Qonto , the neo bank for SMEs and freelancers, has raised $115 million in a Series C round led by Tencent and DST Global. Existing investors Valar and Alven are also participating in the round along with new investors Taavet Hinrikus, TransferWise cofounder and Ingo Uytdehaage, CFO of Adyen.

Founded in 2016, the Paris based startup offers bookkeeping, company card issuing and cash flow services to 65,000 accounts internationally. Unlike other challenger banks, Qonto’s products and services aren’t free but the startup does offer a 30 day free trial. With the new funding, Qonto plans to develop new features and grow its team from 200 to 300 employees within a year.

“We are honored to be supported by leading global investors who have backed the most successful companies that have revolutionized their industries. Also, having two great entrepreneurs who have successfully scaled European businesses into global champions is a valuable support to our ambition to accelerate our growth and become the best everyday banking service for small and medium businesses in Europe.” – Alexandre Prot and Steve Anavi, cofounders of Qonto.