French startup Qonto has officially launched its corporate digital banking solution.
The company said this week that businesses can now open a bank account on its website, with customers able to access digital and mobile banking services for a monthly fee. Corporate clients get a Mastercard, a current account with an IBAN and transfer and debit payment capabilities.
The company also lets business users order new physical cards or virtual cards for a monthly fee and gain control over those cards for employee use. PIN codes can be changed, cards can be blocked and transaction data gets uploaded to the platform for real-time access. There are also expense management and FX features too, reports said.
In addition to launching its services, Qonto also said it raised $11.3 million from Valar Ventures and Alven Capital, both existing backers.
Reports said Qonto wants to be the N26 of business banking. Earlier this year N26, a consumer mobile banking solution, announced that it would offer N26 Business accounts, but only for freelancers and the self-employed. That solution, too, comes with a Mastercard Business card, provides real-time transaction notifications and instant money transfer capabilities.
Qonto revealed it raised $1.7 million in venture capital this year. At the time, the company highlighted several issues it aimed to address in the traditional corporate banking space, including the cost of a business bank account. Reports had also said then that Qonto would look to release its solution in April.