Qonto, a Paris, France-based fintech company, raised $23m in Series B funding.
The round was co-led by existing investors Valar Ventures and Alven with participation from the European Investment Bank Group.
The company intends to use the funds to double the team size, create its own payment infrastructure, and expand to Germany, Italy and Spain in 2019.
Led by Steve Anavi, President, and Alexandre Prot, CEO, Qonto provides SMEs and freelancers with a solution to run their finances efficiently, from everyday banking to bookkeeping. When people sign up, users get a French IBAN, one or multiple debit cards and the ability to send and receive money.
The company is operating under the payment services regulation, supervised by the Autorité de Contrôle Prudentiel et de Résolution (ACPR), under the Banque de France.
Qonto currently has 90 employees and 25,000 clients.