Qonto inch towards $5 billion valuation after new fundraising round

Qonto, a French online bank for small and medium-sized companies has raised 486 million euros in a new fundraising round.

The funding round brought its valuation to 4.4 billion euros ($4.98 billion).

Qonto’s latest fundraising is a record for a French fintech.

The funding round was led by investment firm Tiger Global and private equity fund TCV, and were followed by eight other, new contributors, including Euraze, KKR and Alkeon.

Previous investors, which include Valar, Alven, DST Global and Chinese tech giant Tencent, also participated in the funding.

Qonto would quadruple its staff to 2,000 by 2025, and aims to bring the number of clients to 1 million SMEs and freelancers.