B2B Neobank Qonto Gets $115M In Series C Round

Qonto, a French startup Neobank that caters to B2B clients, has raised $115 million in a Series C funding round led by DST Global and Tencent, according to a report.Investors Valar and Alven also took part in the funding round, as well as TransferWise Co-founder Taavet Hinrikus and Adyen CFO Ingo Uytdehaage. The startup said this was the largest funding round ever for a French FinTech.Qonto focuses on a subset of small- and medium-sized businesses (SMBs) across Europe. The startup has said that business banking on the continent needs to be repaired, and that it can provide a much better experience with its mobile and online-first offerings. So far, Qonto has worked with about 65,000 companies in the past two and a half years. Qonto is operational in Spain, France, Italy and Germany, and handled €10 billion ($11.08 billion USD) in transaction volume last year.