Qonto, a Paris-based online bank catering to B2B clients, has raised $115m in a Series C funding round.
The funding round was led by DST Global and Tencent and had also seen the participation of existing investors Valar and VC Alven, besides new business angels TransferWise chairman Taavet Hinrikus and Adyen CFO Ingo Uytdehaage.
Proceeds from the funding round will enable Qonto to bolster its position in France and accelerate speed up its presence in Spain, France, Italy, and Germany.
Furthermore, the proceeds will help Qonto in increasing its team from the current 200 to 300 employees as well as securing its credit institution license by 2020 end.
In 2019, Qonto handled transaction volume worth €10bn as against €3.5bn in 2018. Earlier this month, it announced its plans to open in Germany.
The online-only focuses on small and medium-sized businesses (SMBs) and freelancers across Europe and has worked with around 65,000 companies in two-and-a-half years.
It offers company card issuing and cash services besides expense management.
The funding round by Qonto comes only a few after French start-up Lydia secured €40m in funding from China-based Tencent.
In 2017, Qonto launched its corporate digital banking product.