Qonto, a French company that provides online banking services for startups, has raised €10 million from its two main investors, Valar Ventures and Alven Capital.

Qonto had previously raised €1.6 million in seed funding from Valar Ventures, Alven Capital, and several business angels, allowing the company to launch their checking account platform. Qonto presents itself as the first SME financing tool that is fully online.

The new investment will be used by Qonto to expedite the development of their online banking platform and offer its services to small businesses.

“We started with a blank slate and combined Google’s technology and production standards and Amazon’s customer service with SaaS pricing. We also knew to surround ourselves with the best partners for our banking back office activities,” CEOs Alexandre Prot and Steve Anavi said in a statement quoted by Maddyness.

Read more: Maddyness

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