Qonto, the Paris-based neobank for small- to medium-sized companies (SMBs) and freelancers, has raised 486 million euros ($552 million) in Sequence D funding, the Paris-based firm announced Tuesday (Jan. 11).
The fundraising, one of many largest ever in France, brings the corporate’s valuation to 4.4 billion euros ($5 billion).
Qonto’s funding represents the third French firm to realize unicorn standing — companies with a valuation of greater than $1 billion — lower than two weeks into the brand new yr.
On Monday, PYMNTS reported Paris-based market Ankorstore raised 250 million euros ($284 million) in Sequence C funding spherical with a 1.75-billion-euro valuation. The deal got here lower than two weeks into the brand new yr and on the heels of one other main fundraising by French human useful resource (HR) expertise agency, PayFit.
PayFit, a payroll and HR administration resolution for SMBs, began the yr off elevating 254 million euros ($276 million), a record-breaking quantity for the Paris-based agency, PYMNTS reported final week.
Study extra: PayFit Raises $276M to Transform HR Technology
Qonto’s newest spherical of financing was led by new buyers Tiger International and TCV, and eight different new contributors together with Alkeon, Eurazeo, KKR, Perception Companions, Exor Seeds, Guillaume Pousaz, Gaingels and Ashley Flucas.
They be a part of present buyers Valar, Alven, DST International and Tencent, who’ve renewed their help with participation on this new funding spherical.
The corporate stated it plans to make use of the brand new income to grow to be the finance alternative for 1 million prospects, broaden merchandise, launch in new European markets by subsequent yr and quadruple its workers to greater than 2,000 by 2025, with half of recent hires based mostly outdoors of France.
Since its launch in France in 2017, Qonto stated it has simplified every thing from on a regular basis banking and financing to bookkeeping and spending administration. The corporate stated it has greater than 220,000 shoppers France, Germany, Italy and Spain.
“We depend on policymakers to proceed their efforts to make sure entrepreneurship can succeed, resulting in European and international champions that ship innovation,” stated Alexandre Prot, co-founder and CEO of Qonto, in an announcement.
“That is solely the start of our journey to finest serve SMEs and freelancers and we couldn’t be extra enthusiastic about what the longer term holds for us and our ambitions,” Prot added.