Qonto, which was founded in 2016, targets SMEs and freelancers with an offering that includes an online banking account along with financing services like invoicing and bookkeeping.

According to Qonto, the move is designed to strengthen its standing in the European market, in which SMEs and freelancers make up 99% of businesses.

“Since we founded Qonto together with my Co-Founder Steve Anavi, our ambition remains the same: building the leading European business finance solution," said Qonto CEO and co-founder Alexander Prot.

"After our successful expansion in Germany, Italy and Spain, we now are confident to take the next step in our European expansion."