Qonto, French online bank focusing primarily on small and medium companies as well as freelancers, has raised €486 million ($551 million) in Series D funding round, bringing Qonto’s valuation to €4.4 billion (about $5 billion), Russian edition of Forbes reports.

This round is jointly led by investors Tiger Global and TCV. “This is only the beginning of our journey to best serve SMEs and freelancers,” Alexandre Prot, co-founder and CEO of Qonto said.

Online bank Qonto was launched in France in 2017. According to Prot, Qonto combines banking, bookkeeping and spend management. Pricing ranges from € 9 per month for freelancers to € 249 for companies. In addition, the customers, when creating their companies, use Qonto for the initial capital deposit in order to register the company. “Around a third of our customers created their companies with us,” Prot said.

The company currently has more than 220,000 customers across France, Germany, Italy, and Spain. With this new funding round, Qonto’s ambition is to become the finance solution of choice for 1 million European SMEs and freelancers by 2025. The team must grow from 500 to 2,000.

“Since our launch, we’ve constantly strived to create the finance solution that energizes SMEs and freelancers, empowering them to achieve more. This new Series D funding round is an amazing opportunity for us to accelerate our hyper-growth trajectory by investing in our product, our customer service and our power to attract new talents. This funding round reveals the incredible dynamism of the French and European Tech ecosystem,” Prot noted.

John Curtius, Partner at Tiger Global, stressed that “Qonto has revolutionized business finance for SMEs and freelancers by marrying simplicity with a unique all-in-one service.”

The partner of Fintech section is