Qonto, A French FinTech that offers banking for SMEs, has seen its valuation rise to almost $5bn.
Qonto has raised around £404mn in its latest funding round.
The round was led by Tiger Global and TCV.
The company currently has 220,000 freelance and SME customers, but it hopes to serve one million by 2025.
What does this mean?
The new funding will be used to accelerate hiring, product development and customer support at Qonto seeks to expand across Europe. It currently operates in France, Spain, Germany and Italy where it’s gained popularity for targeting the underserved small business sector.