Funding round
Qonto Series B
Qonto, which works in business banking account services in Paris, raised $23M in a Series B round announced on 24 Sep 2018, led by Valar Ventures and Alven. 3 firms took part, 2 of them already investors. It is Qonto's second venture round on record; the one before was a Seed in Jan 2017.
$23M
Amount raised
Not disclosed
Post-money valuation
3
Investors
2 leads
Valuation
What this round says about the price
Qonto did not disclose a valuation in this round. It came 20 months after Qonto's Seed. It is 4.0% of the $575M Qonto has raised in the venture rounds on record. Qonto raised again 40 months later: a Series D round of $550M in Jan 2022, at $5.00B post-money.
Investors
Who put money in
Valar Ventures and Alven led the round with 1 other firm. Valar Ventures and Alven had backed Qonto before.
Lead investors
- Valar Ventures backs 56 venture-backed companies existing investor
- backs 69 venture-backed companies existing investor
Also in the round
- European Investment Bank backs 40 venture-backed companies new investor
Use of proceeds
What the money is for
According to the announcement, the money goes to hiring, product development, geographic expansion, sales and marketing, scaling operations and working capital.
- Hiring
- Product development
- Geographic expansion
- Sales and marketing
- Scaling operations
- Working capital
Comparable rounds
How it compares
33 Series B rounds in Payment Processing & Point of Sale within a year either side disclosed an amount; the median was $20M, and this round was 1.1 times the median. The closest in time, other companies' Series B rounds in Payment Processing & Point of Sale:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| Payment Processing & Point of Sale | 13 Sep 2018 | $24M | not disclosed | Sequoia India |
| Payment Processing & Point of Sale | 6 Sep 2018 | $16M | not disclosed | Partech |
| Payment Processing & Point of Sale | 6 Sep 2018 | $10M | not disclosed | Global Innovation Fund |
| Payment Processing & Point of Sale | 10 Oct 2018 | $20M | not disclosed | Generation Partners |
| Airwallex Payment Processing & Point of Sale | 3 Jul 2018 | $80M | not disclosed | Tencent and HSG |
| Payment Processing & Point of Sale | 1 Nov 2018 | $20M | not disclosed | not named |
| Payment Processing & Point of Sale | 15 Nov 2018 | $17M | not disclosed | Serena |
| Satispay Payment Processing & Point of Sale | 23 Jul 2018 | $12M | $117M | Copper Street Capital |
Sources
Where this comes from
Reported by 5 sources.
Questions
Frequently asked
How much did Qonto raise in its Series B round?
Qonto raised $23M in its Series B round, announced in Sep 2018.
Who led Qonto's Series B round?
Valar Ventures and Alven led it, with European Investment Bank.
What was Qonto's valuation at the Series B round?
It was not disclosed.
How does it compare with other Series B rounds in Payment Processing & Point of Sale?
33 Series B rounds in Payment Processing & Point of Sale within a year either side disclosed an amount; the median was $20M, and this round was 1.1 times the median.
Did Qonto raise again after this round?
Yes: a Series D round in Jan 2022 of $550M at $5.00B post-money.