Business is booming.

Business banking startup Qonto raises $552 million at $5 billion valuation – TechCrunch


French startup Qonto has raised a $552 million Series D funding round (€486 million). Following this investment, the startup has reached a valuation of $5 billion (€4.4 billion). This is one of the largest rounds in the French tech ecosystem.

Qonto is a challenger bank focused on business bank accounts. The startup focuses primarily on small and medium companies as well as freelancers. It currently operates in France, Germany, Italy and Spain.

Tiger Global and TCV are leading today’s funding round. With 220,000 clients, Qonto still plans to grow at a rapide pace in the coming years. “Our goal is to reach one million SMEs by 2025,” co-founder and CEO Alexandre Prot told me. “And we know that Tiger and TCV have supported quite a few companies to reach that scale.”

Some new investors are also participating in the round, such as Alkeon, Eurazeo, KKR, Insight Partners, Exor Seeds, Guillaume Pousaz, Gaingels and Ashley Flucas. Existing investors Valar, Alven, DST Global and Tencent are putting more money on the table as well.

That’s quite a long list of investors and Qonto proves once again that private equity firms are actively looking for late-stage growth rounds in Europe.

Image Credits: Qonto

From everyday banking to an all-in-one finance solution

What’s interesting with Qonto is that it’s a truly European startup. In the U.S., spend management solutions, such as Brex and Ramp, have been massively successful. As The Information’s Kate Clark reported, they want to replace American Express and hand out corporate cards to millions of employees in the U.S.

Qonto started out with business bank accounts because that’s the key financial component of European companies. Many companies use their bank accounts directly to move money around. They initiate transfers, share their bank account number (IBAN) to receive a payment and set up direct debits to pay bills.

And Qonto does that really well. You can sign up from a computer and get a local IBAN a few minutes later. After that, you can also order debit cards to pay with your card.

At first, Qonto relied heavily on a third-party banking partner — Treezor. The startup then applied to get its own license to become a payment institution. In 2020, Qonto moved all its clients to its in-house core banking system. The company now owns this critical part of the technical stack.

Qonto has expanded beyond the simple bank account. The startup’s CEO Alexandre Prot defines Qonto as three different products rolled into a single service. In addition to the everyday banking part, it also simplifies bookkeeping and accounting. It can become your spend management solution as well.

On the bookkeeping front, Qonto lets you export or sync with your existing accounting solution. This is a fragmented market as each country uses different accounting tools. For instance, you can export your data to Cegid if you’re a French company, you can synchronize with Datev if you’re a German company, etc. Qonto users can also import receipts directly in their Qonto account.

As for spend management, Qonto lets you hand out physical, virtual or one-time cards to employees. Admins can set up different spending limits, an approval workflow and all the usual stuff that you get from a spend management solution. It might not be as feature complete as a dedicated product, such as Spendesk, but it could be enough for small companies.

For everything else, Qonto partners with other fintech startups. For instance, customers can open a credit line with October and borrow €15,000 to €30,000. Customers can also open a savings account with Cashbee and its banking partner My Money Bank.

Image Credits: Qonto

A single bank account

There are 220,000 companies paying for Qonto every month. Pricing ranges from €9 per month for the most basic freelancer account to €249 per month for enterprise accounts. On top of that, some companies pay more to get more cards or when they go above certain limits.

What makes the business model even more lucrative is that a lot of customers just sign up on their own. When they create their company, they use Qonto for the initial capital deposit in order to register the company. Essentially, Qonto combines inbound marketing with the high margins of a SaaS product.

“Around a third of our customers created their companies with us. It’s their first account and the only one that they use,” Alexandre Prot said. “Two-thirds of our customers are companies that existed before they opened an account with us. Roughly half of them close their existing bank account, half of them use Qonto in parallel with one or several accounts.”

With today’s funding round, the company plans to grow its team from 500 employees to 2,000 people by 2025. Qonto will also invest heavily in its existing markets. “We will be able to invest more than €100 million on each of our markets,” Prot said. While there are still a lot of SMEs that are not using Qonto in France, Germany, Spain and Italy, Qonto also plans to enter new market in 2023.

Source link

  1. Hpjbsu says

    purchase levaquin generic levaquin 500mg price

  2. Bbhicd says

    avodart order celebrex 100mg us order zofran 8mg sale

  3. Yviclf says

    oral spironolactone 25mg order aldactone 25mg generic fluconazole cheap

  4. Mnjiha says

    order ampicillin 250mg pill bactrim 480mg for sale buy erythromycin 500mg online

  5. Mhteyi says

    buy sildenafil 50mg generic purchase bimatoprost online cheap methocarbamol 500mg pill

  6. Nlncax says

    order generic suhagra 100mg purchase sildenafil sale cost estrace 2mg

  7. Krmgru says

    lamictal 50mg price purchase mebendazole pills order tretinoin

  8. Fwozbp says

    buy accutane online cheap accutane 20mg pills cheap azithromycin 500mg

  9. Kckabm says

    indocin 75mg pill suprax cost amoxicillin over the counter

  10. Thctuv says

    cheap cialis the best ed pills cost of viagra 100mg

  11. Lrkkjx says

    buy arimidex 1mg sale Buy real viagra online without prescription sildenafil 25mg price

  12. Schqry says

    pharmacie en ligne cialis 5mg acheter 5mg gГ©nГ©rique cialis en france acheter sildenafil en ligne

  13. Xaljmw says

    purchase prednisone generic order viagra 50mg online brand viagra

  14. Wkbzdn says

    isotretinoin 20mg over the counter isotretinoin online ivermectin cream canada cost

  15. Nrpeju says

    buy doxycycline 200mg buy doxycycline 100mg without prescription purchase furosemide generic

  16. Vxldey says

    order ramipril generic azelastine 10 ml us azelastine order online

  17. Kcfopz says

    clonidine price purchase antivert sale spiriva 9mcg uk

  18. Qxpbio says

    buy buspirone buy cordarone 100mg online oxybutynin online

  19. Niptvd says

    order hytrin 5mg without prescription sulfasalazine 500 mg drug order azulfidine 500mg pill

  20. Wkjsiz says

    buy alendronate 35mg for sale alendronate 70mg sale order pepcid 40mg online

  21. Gmgbia says

    brand olmesartan 20mg benicar online order buy diamox 250mg pill

  22. Njlnuq says

    order tacrolimus for sale purchase tacrolimus generic ursodiol buy online

  23. Jprhch says

    purchase isosorbide pills micardis cost micardis cost

  24. Glvito says

    buy zyban pill bupropion 150mg usa quetiapine 100mg usa

  25. Uginye says

    molnupiravir for sale naproxen cheap prevacid over the counter

  26. Qlfpjo says

    generic zoloft 100mg Canadian viagra and healthcare purchase viagra online cheap

  27. Ddapxo says

    buy imuran online cheap sildenafil fast shipping viagra over the counter

  28. Zqkehk says

    generic cialis Real cialis viagra 50mg price

  29. Eporfo says

    tadalafil 20mg drug pyridium cheap order amantadine generic

  30. Hzyqxr says

    buy revia 50mg without prescription cost aripiprazole 30mg aripiprazole 20mg ca

  31. Sbgutm says

    provera 5mg drug periactin online buy buy generic cyproheptadine

  32. Rbbhcr says

    order modafinil 100mg online cheap buy stromectol 6mg online ivermectin 12 mg tablets

  33. Hguiry says

    fluvoxamine 100mg for sale cymbalta 40mg for sale glipizide 10mg usa

  34. Kczgoo says

    zithromax order buy prednisolone 5mg sale purchase neurontin pills

  35. Wrzjtq says

    tadalafil 20mg brand generic cialis 20mg guaranteed viagra overnight delivery usa

  36. Bukxjf says

    lasix 100mg drug plaquenil 200mg generic order plaquenil 400mg for sale

  37. Hldynf says

    cialis generic order betamethasone online clomipramine 25mg without prescription

  38. Xlwnjv says

    buy chloroquine for sale chloroquine cheap baricitinib 2mg tablet

  39. Avflne says

    order itraconazole 100 mg for sale buy itraconazole 100mg online cheap brand tinidazole 500mg

  40. Pjbzkd says

    generic glycomet 500mg buy atorvastatin online cheap order tadalafil 40mg online cheap

  41. Rtfafe says

    generic zyprexa 10mg zyprexa for sale online diovan 160mg price

  42. Djfxyr says

    amlodipine for sale online buy viagra pills cheap cialis

  43. Recuvs says

    buy generic clozaril 100mg dexamethasone online buy dexamethasone 0,5 mg price

  44. Tniwrp says

    buy viagra for sale oral lisinopril 2.5mg lisinopril brand

  45. Ipzihf says

    order omeprazole online online slots for real money no deposit free spins

  46. Urdqkv says

    cheap linezolid 600 mg best online casinos that payout online slots

  47. Izwofd says

    lopressor 100mg us purchase lopressor online order vardenafil 10mg without prescription

  48. Rxyfbo says

    order vardenafil for sale cost levitra 20mg methylprednisolone generic

  49. Ootsdt says

    help with research paper sildenafil 50mg sale viagra 100mg pills

  50. Curhyu says

    order clomid 50mg albuterol 2mg sale doubleu casino

  51. Eorkbh says

    oral tadalafil 20mg brand name cialis buy viagra 100mg pill

  52. Wlmsjr says

    buy aristocort 4mg generic buy clarinex online cheap cheap clarinex

  53. Vhftum says

    tadalafil 10mg generic buy cialis 5mg pills sildenafil 100mg sale

  54. Rivnsy says

    order orlistat 120mg for sale zovirax 800mg uk oral acyclovir

  55. Ndilek says

    tadalafil 10mg ca plavix ca clopidogrel 75mg cheap

  56. Qblbsm says

    zyloprim us crestor 10mg canada ezetimibe tablet

  57. Wgqisa says

    cost methotrexate 5mg methotrexate 5mg pill buy reglan 20mg generic

  58. Jdfsdp says

    order motilium 10mg for sale tetracycline 500mg uk cyclobenzaprine order

  59. Eswudh says

    buy cozaar 25mg online cheap topiramate drug topamax cost

  60. Bgylbx says

    ozobax buy online order baclofen 10mg online toradol 10mg cost

  61. Ahawdx says

    buy sumatriptan 25mg generic buy sumatriptan 50mg pill purchase avodart

  62. Nazsul says

    colchicine over the counter poker game poker online cash

  63. Fwiwuh says

    ranitidine 150mg canada zantac 300mg oral buy celecoxib 200mg for sale

  64. Fbpuap says

    order tamsulosin online cheap tamsulosin pills cheap aldactone 25mg

  65. Fupmzp says

    tadalafil 40mg without prescription cheap cialis online cipro 500mg uk

  66. Awpelf says

    simvastatin 10mg oral order generic simvastatin 20mg finasteride 1mg usa

  67. Byalgx says

    purchase metronidazole pills buy generic augmentin 1000mg order bactrim 480mg for sale

  68. Uxrzxq says

    fluconazole tablet diflucan 100mg for sale viagra 100mg price

  69. Qkkglb says

    buy keflex 125mg pills cephalexin 125mg cheap oral erythromycin 250mg

  70. Pxsjnp says

    cialis next day brand tadalafil 20mg viagra pharmacy

  71. Fjycfx says

    buy sildenafil 100mg for sale viagra online tadalafil 10mg over the counter

  72. Xrpylo says

    purchase ceftin sale buy methocarbamol 500mg generic buy methocarbamol pill

Leave A Reply

Your email address will not be published.