Tencent invested in Qonto, a digital bank, with a valuation of 5 billion dollars, becoming the second largest unicorn in France

2022-11-21
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Author:Shi Yi
Source: 36kr

Qonto, a French digital bank, announced this week that it had completed the D-round financing of $552 million, and Tencent, the original investor, continued to add.

Qonto's current round of financing, led by Tiger Global and TCV, is one of the largest financing rounds of French science and technology innovation enterprises. After financing, Qonto's valuation has reached $5 billion. According to CBInsights data, Qonto's current valuation is only second to the refurbished electronic product trading platform Back Market, which also completed financing recently. The latter is the largest unicorn in France with a valuation of 5.7 billion dollars.

Qonto isOne of several new overseas banks invested by TencentIn addition, Monzo in Britain, N26 in Germany, Tyme in Singapore, etc. getNubank, a new Brazilian bank invested by Tencent for many timesListed on the New York Stock Exchange, it is the largest bank in Latin America by market value.

Recently, a lot of financing news has been spread among French sci-tech innovation enterprises. In December 2021, Lydia, another new French bank, obtained a round C financing of US $100 million and joined Unicorn Bank. Before half of January, French start-ups that announced financing news and promoted to Unicorn also included PayFirst, a salary and human resources management company, and Ankorstore, a wholesale platform. Reuters analyzed the reasons for the large-scale financing of French start-ups, including low interest rates, investment incentive policies, and the development of Internet companies driven by epidemic household measures.

On line in 2017, Qonto mainly provides small and medium-sized enterprises and freelancers with business accounts, bookkeeping, expense management and other services. It charges at a minimum price of 9 Euros per month. At present, it operates in France, Germany, Italy and Spain, with about 220000 customers.

Qonto plans to use new financing to increase products, recruit talents, increase investment in German, Spanish and Italian markets, and enter new markets in 2023. It plans to serve 1 million customers in 2025.

Article | Shi Yi

Editor | Zhao Xiaochun

Figure | Enterprise official website

B2b Tencent invested in Qonto, a digital bank, with a valuation of 5 billion US dollars, becoming the second largest unicorn in France

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