French startup Qonto has some ambitious goals and wants to become the best bank account you can get when you start a company in France. Just like N26 wants to be a more modern bank for everyone, Qonto wants to do the same thing, but for business accounts.
The company recently raised $1.7 million (€1.6 million) from Peter Thiel’s Valar Ventures and Alven Capital. Valar Ventures is also an investor in N26 and TransferWise — it is the firm’s first investment in France.
A few months ago, a tech-savvy friend had some major issues with his business bank account. It was costing him a lot of money, and every time he had to ask for something, it was a painfully slow process. The difference between what he could do with his personal money and his company’s money was stark.
N26, Revolut, TransferWise and all the other fintech products out there have been around for a while. But somebody has yet to tackle business banking. The product hasn’t launched yet, but Qonto is already putting up a basic website to attract potential customers.
