Following this investment, the startup has reached a valuation of $5 billion (€4.4 billion). The startup focuses primarily on small and medium companies as well as freelancers. The startup then applied to get its own license to become a payment institution. The company now owns this critical part of the technical stack. On top of that, some companies pay more to get more cards or when they go above certain limits. With today’s funding round, the company plans to grow its team from 500 employees to 2,000 people by 2025. Qonto started out with business bank accounts because that’s the key financial component of European companies. When they create their company, they use Qonto for the initial capital deposit in order to register the company. Roughly half of them close their existing bank account, half of them use Qonto in parallel with one or several accounts.” While there are still a lot of SMEs that are not using Qonto in France, Germany, Spain and Italy, Qonto also plans to enter new market in 2023. Qonto is a challenger bank focused on business bank accounts.