French fintech Qonto nears $5 billion valuation after new fundraising

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Reuters UK

By Mathieu Rosemain PARIS (Reuters) – Qonto, a French online bank for small and medium-sized companies (SMEs), said on Tuesday it had raised 486 million euros, bringing its valuation to 4.4 billion euros ($4.98 billion), in another sign of the good health of the French fintech sector. France has recorded a streak of large private equity fundraising, as the combination of low interest rates, investment incentives and stay-at-home measures due to the COVID-19 pandemic have boosted digital companies. Qonto’s latest fundraising is a record for a French fintech, a startup that specialise in financi…

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