French neobank Qonto has raised $115 million in Series C funding from Tencent and DST Global to double down on existing markets, develop new features to tailor its products to specific markets, and grow staff numbers from 200 to 300 during 2020.
The online-only bank for SMEs, freelancers, and startups offers expense management, company card issuing and cash flow services to 65,000 accounts internationally. Earlier this month, the bank announced plans to open in Germany, following previous launches in Italy and Spain.
In 2019, Qonto managed transactions worth €10 billion, compared to €3.5 billion in the prior year.
Existing investors Valar and Alven joined Tencent and DST in today’s funding round. TransferWise co-founder Taavet Hinrikus and Adyen CFO Ingo Uytdehaage also chipped in.