Neobank Qonto raises $115 million in Series C funding

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French neobank Qonto raised $115 million in Series C funding.

French neobank Qonto raised $115 million in Series C funding, according to Business Insider.

Qonto serves freelancers and small to medium-sized businesses (SMB) in Europe. The company's services include expense management, transaction exporting, real-time notifications, and integrations with popular accounting tools.

Qonto boasts around 65,000 customers and raked in $11 million in transaction volume in 2019, tripling what it dealt in 2018. However, difficulties determining creditworthiness have left a large gap in SMB lending which Qonto hopes to tackle.

SMBs account for 20 percent of global banking revenues and generate approximately $850 billion of annual revenues for banks. This figure is expected to grow by 7 percent annually over the next 7 years.

French neobank Qonto raised $115 million in Series C funding.

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