French startup Qonto has raised a $115 million Series C funding round led by Tencent and DST Global. Today’s news comes a few days after another French fintech startup, Lydia, raised some money from Tencent.
Existing investors Valar and Alven are also participating in today’s funding round. TransferWise co-founder Taavet Hinrikus and Adyen CFO Ingo Uytdehaage are also joining the round. Qonto says it represents the largest funding round for a French fintech company.
Qonto is a challenger bank, or a neobank, but for B2B use cases. Instead of attracting millions of customers like N26 or Monzo, Qonto is serving small and medium companies as well as freelancers in Europe.
According to the startup, business banking in Europe is broken. The company thinks it can provide a much better user experience with an online and mobile-first product.
The company has managed to attract 65,000 companies over the past two years and a half. The product is currently live in France, Italy, Spain and Germany. In 2019 alone, Qonto managed €10 billion in transaction volume.
With today’s funding round, the company plans to double down on its existing markets, develop new features that make the platform work better in each country based on local needs and hire more people. The team should grow from 200 to 300 employees within a year.
Qonto obtained a payment institution license in June 2018 and has developed its own core banking infrastructure. Around 50% of the company’s user base is currently using Qonto’s own core banking system. Others are still relying on a third-party partner.
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Moving from one back end to another requires some input from customers, which explains why there are still some customers using the legacy infrastructure. Over the coming months, Qonto plans to launch new payment features that should convince more users to switch to Qonto’s back end.
Even more important, Qonto plans to obtain a credit institution license, which could open up a ton of possibilities when it comes to features and revenue streams. The company says that it should have its new license by the end of the year.
For instance, you could imagine being able to get a credit card, apply for an overdraft and get a small loan with Qonto.
Compared to traditional banks, Qonto lets you open a bank account more easily. After signing up, Qonto offers a modern interface with your activity. You can export your transactions in no time, manage your expenses and get real-time notifications. Qonto also integrates with popular accounting tools.
When it comes to payment methods, Qonto gives you a French IBAN as well as debit cards. You can order physical or virtual cards whenever you want, customize limits and freeze a card. Qonto also supports direct debit and checks. Like many software-as-a-service products, you can also manage multiple user accounts and customize permission levels.
Romain Dillet was a Senior Reporter at TechCrunch until April 2025. He has written over 3,500 articles on technology and tech startups and has established himself as an influential voice on the European tech scene. He has a deep background in startups, AI, fintech, privacy, security, blockchain, mobile, social and media. With thirteen years of experience at TechCrunch, he’s one of the familiar faces of the tech publication that obsessively covers Silicon Valley and the tech industry — his career started at TechCrunch when he was 21. Based in Paris, many people in the tech ecosystem consider him as the most knowledgeable tech journalist in town. Romain likes to spot important startups before anyone else. He was the first person to cover Revolut, Alan and N26. He has written scoops on large acquisitions from Apple, Microsoft and Snap. When he’s not writing, Romain is also a developer — he understands how the tech behind the tech works. He also has a deep historical knowledge of the computer industry for the past 50 years. He knows how to connect the dots between innovations and the effect on the fabric of our society. Romain graduated from Emlyon Business School, a leading French business school specialized in entrepreneurship. He has helped several non-profit organizations, such as StartHer, an organization that promotes education and empowerment of women in technology, and Techfugees, an organization that empowers displaced people with technology.