French business banking startup for small and medium enterprises Qonto has raised €20 million in a round led by its existing investors Valar Ventures and Alven with participation from the European Investment Bank Group.
Qonto is essentially a “challenger bank” for businesses, from freelancers to small companies. Customers signing up for an account receive a French IBAN (international bank account number), as well as access to a slew of additional features like ordering physical and virtual cards for team members, synchronising transactions with different accounting software solutions, and so on.
Currently employing 90 people in its Paris office, Qonto plans to expand to Germany, Italy, and Spain next year. The company has raised a total of over €31 million to date and claims to have processed €1.7 billion in transactions so far.