Neobank Qonto raises $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.