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Qonto raises EUR 1.6 mln to create business-banking services

Tuesday 17 January 2017 | 09:21 AM CET

Qonto, a French startup, has raised USD 1.7 million (EUR 1.6 million) to become the best bank account you can get when you start a company in France.

As investors taking part in the funding round, we name Peter Thiel’s Valar Ventures and Alven Capital. Valar Ventures is also an investor in N26 and TransferWise — it is the company’s first investment in France.

Despite the fact that Qonto plans to launch in April 2017, it is already putting up a basic website to attract potential customers in the business banking area. Customers can open an account in just a few minutes and instantly pay and receive money thanks to an IBAN, physical and digital cards.

After that, it is all about providing the right features to the right set of users. For instance, an employee might be able to pay with a corporate card for business purchases. Company members will need to upload receipts to file taxes later on. Qonto plans to provide all of this.

To do so, the fintech has collaborated with Treezor for the back end. Treezor is the company that is actually going to manage the money. It generates current accounts and debit cards for Qonto. On the other side of the equation, Qonto tailors the experience and handles the relationship with its own customers.

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