Record-breaking fundraising of €486 million for Qonto, to further accelerate European growth and become the finance solution for 1 million SMEs and freelancers by 2025

Paris, January 11, 2022 – Qonto, the leading European business finance solution, announced today it has raised €486 million in Series D funding, bringing Qonto’s valuation to €4.4 billion. This amount is unprecedented in the French fintech ecosystem and is one of the largest funding rounds ever recorded in French history. This latest round is jointly led by new investors Tiger Global and TCV, in addition to eight other new contributors: Alkeon, Eurazeo, KKR, Insight Partners, Exor Seeds, Guillaume Pousaz, Gaingels and Ashley Flucas. They will join current investors Valar, Alven, DST Global and Tencent who are all renewing their support by participating in this new funding round.

Since its launch in France in 2017, Qonto has been committed to building the first all-in-one finance solution for SMEs and freelancers. Qonto simplifies everything from everyday banking and financing to bookkeeping and spend management, allowing its customers to focus on what truly matters. The company currently has more than 220,000 clients across four markets (France, Germany, Italy, and Spain). With this new funding round, Qonto’s ambition is to become the finance solution of choice for one million European SMEs and freelancers by 2025.

To support its high-level goals, Qonto will:

  • Continue expanding its product offer through in-house development, new strategic partnerships and potential acquisitions to ensure it offers its clients the best product available on the market;
  • Further grow its market penetration across Germany, Italy and Spain and new markets. In 2021, the company opened local offices in Barcelona, Berlin and Milan to fully tailor its offer to each market and lay down roots in those local ecosystems to foster closer partnership. Qonto is expanding particularly rapidly across these markets: the company has quadrupled its revenue over the past two years. Qonto will further accelerate its strong momentum across Europe by investing over €100 million in each market (Germany, Italy and Spain) over the next two years. Qonto also plans to reinforce its European leadership by launching in new markets by 2023. In 2025, it is expected that 75% of new clients will come from outside France.
  • Recruit new talent and quadruple its team to more than 2,000 by 2025, 50% of new hires to be based outside of France. In part, this will be achieved thanks to the creation of a new Customer Support Operations Hub, to be based in Barcelona and designed to maintain its outstanding customer support while further scaling. To reinforce its international recruitment strategy and meet the expectations of an increasingly agile and mobile talent pool, the company will also launch a European “Qonto Campus” program to enable international mobility between the local offices.

Alexandre Prot, co-founder and CEO of Qonto: “Since our launch in 2017, 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. We count on policymakers to continue their efforts to ensure entrepreneurship can succeed, leading to European and global champions that deliver innovation. This is only the beginning of our journey to best serve SMEs and freelancers and we couldn’t be more excited about what the future holds for us and our ambitions. The Qonto team is honored to welcome the most prestigious international investors to support our mission to become the leading business finance solution.”

John Curtius, Partner at Tiger Global: “Qonto has revolutionized business finance for SMEs and freelancers by marrying simplicity with a unique all-in-one service. The company has seen a significant increase in clients across its European markets during the coronavirus pandemic. This also shows that customers’ needs are evolving during these unprecedented times. We have tracked Qonto’s incredible growth for some time and are delighted to partner with the entire Qonto team and support their mission to serve a rapidly growing European market.”

“We at TCV love to back visionary founders and could not be more excited to partner with Alex, Steve and the rest of the Qonto team, said John Doran, General Partner at TCV. “We look forward to supporting them as they continue to bring best-in-class banking and finance solutions to millions of SMEs and freelancers across Europe.”


About Qonto

Qonto is the leading European business finance solution. It simplifies everything from everyday banking and financingto bookkeeping and spend management. With its fast and innovative product, highly responsive customer service andtransparent prices, Qonto energizes SMEs and freelancers so that they can achieve more.

Founded in 2017 by Steve Anavi and Alexandre Prot, Qonto serves more than 220,000 clients in 4 countries (France,Germany, Italy and Spain) and employs more than 500 talents in Paris, Berlin, Milan and Barcelona. Since itscreation, Qonto has raised a total of €622 million from Valar, Alven, the European Investment Bank, Tencent, DSTGlobal, Tiger Global, TCV, Alkeon, Eurazeo, KKR, Insight Partners, Exor and Gaingels to support its global growthambitions.Qonto has been listed by the French government in the Next40 index, which brings together the 40 most promisingscale-ups in France with the potential to become a global leader.

About Tiger Global

Tiger Global is an investment firm focused on public and private companies in the global Internet, software, consumer, and financial technology industries. Tiger Global’s mission is to generate world-class investment returns over the long term. Tiger Global aspires to do so in a way that makes its partners and portfolio companies proud, as the company builds a unique, global investment platform.

About TCV

Founded in 1995, TCV was established with a clear vision: to capture opportunities in the technology market through a specialized and consistent focus on investing in high-growth companies. Since inception, the firm has built a track record of successfully backing public and private businesses that have developed into dominant industry players across internet, software, FinTech, and enterprise IT. TCV has invested over $16 billion to date and has helped guide CEOs through more than 145 IPOs and strategic acquisitions. TCV has invested in cutting edge technology companies including Airbnb, Believe, Brex, Dream Sports, FarEye, Mollie, Nubank, Razorpay, RELEX Solutions, Revolut, RMS, Sportradar, Spotify, Trade Republic, The Pracuj Group, and Zepz. TCV has successfully executed over 350 investments of varying structures, including mid-stage, late stage and public company investments, and has offices in Menlo Park, New York, and London. For more information about TCV, including a complete list of TCV investments, visit

Be Loved, Be Bold, Be Authentic – Core Values to Fuel Mollie’s Hypergrowth!

When online payment processor Mollie redefined its key values to put “being loved by customers” at the top of the list, the Amsterdam-based fintech company found that they began to approach every business decision they made quite differently — from hiring, to partnerships, to adopting a unique localization strategy that focused on fewer markets while still unlocking global growth.

In this episode of Growth Hacks, Katja and Kunal are joined by Ken Serdons, the chief commercial officer at Mollie. Ken explains how Mollie’s key value of being loved by customers has influenced every part of the company’s DNA, from how they assign responsibilities, to who they hire, and how the company structures and manages its relationships with external partners. Ken also explains to us how Mollie has reworked its partnership model in a way that helps them extract full value, something he credits to — you guessed it — Mollie’s hyper-consumer-centric mindset.

Here’s what you will learn:                

  • Why Mollie adopted a customer-first mentality
  • How to drive partnerships that unlock their full potential
  • How a localization strategy that prioritizes fewer markets can unlock hypergrowth
  • Why they don’t do any bespoke development at Mollie
  • How to hire candidates for their future roles

To hear more on this, settle in and press play.

Please find the transcript below, which has been edited for brevity and clarity.

Katja Gagen: Today we’re thrilled to speak with Ken Serdons, Chief Commercial Officer at Mollie, one of the largest and fastest growing FinTech companies in Europe.

A little bit about Ken – he likes to grow things which was clear from an early age. As a child, he used to grow all sorts of vegetables and pumpkins, and his passion for growth is now focused on helping customers grow their e-commerce business through the financial services that Mollie offers. Welcome to Growth Hacks, Ken.

Ken Serdons: Thanks for having me, Katja.

Kunal Mehta: Ken, it’s such a pleasure to have you here. Where does this podcast find you today?

Ken Serdons: I’m working today out of our headquarters here in Amsterdam.

Katja Gagen: Nice. And Ken you are Chief Commercial Officer at Mollie. Tell us about Mollie and what your role is.

Ken Serdons: So at Mollie we provide online payments to now over 125,000 active customers across Europe.

We differentiate by offering not just great products, but we also really care about design and making sure that the checkout is optimized for conversions and in some cases we can improve conversion by up to 7% versus more traditional players.

We are hyper localized in every market that we operate in. And we absolutely love the customer, which is definitely a unique selling point in the payments industry. So I look after commerce, which includes partnerships, sales, and marketing.

Kunal Mehta: Awesome. You know Ken, I’m a huge fan of partnerships because it just creates this multiplier effect. And what we observe is partnerships rarely see their full potential because they’re not activated well. And Mollie’s philosophy on activating partnerships drives a win-win for everyone. Maybe you can talk a little bit about how you get that.

Ken Serdons: Yeah, you’re right, Kunal. Partners are absolutely critical to the success of our business. They provide a super scalable growth channel. Our customers work a lot with different types of software and tools to run their business. So at Mollie, it’s important to work with as many of them as possible.

I’ll give you a couple of examples, how we get to a proper win-win situation. I think the first thing is, we don’t just care about the partners, but we actually also care about their customers, who of course, are also our customers.

We try to do our utmost best to provide the best possible experience to these merchants. If something goes wrong, we not just try to solve it with the customer, but we also inform our partners. And that creates a lot of transparency and a lot of trust. Again, happy merchants create happy partners.

That’s the core part, being extremely customer centric, both on the partner side and on the customer side.

Second is we look at creating value for our partners and value that goes beyond the traditional money incentives. For example, one of our partners did not have a very good view on their own customers. At Mollie we process payment transactions, so we see a lot of data about our customers, and we could help that partner with understanding which of their customers are growing, which industries they’re playing in, etc. All that information we could provide to them so they could actually identify for themselves which segments to focus on.

And finally, we spend a lot of effort in building amazing integrations with our partners. And that’s really helpful for developers that actually drive a lot of the decision-making on which PSP to select.

Katja Gagen: That sounds great, Ken. It looks like you have a really good playbook in place. It also sounds like there’s a lot of resources involved to activate a partnership. What types of resources and skills come in handy here?

Ken Serdons: That’s right, Katja. So first of all, we have split the job of partner managers in two. We have hunters who go after new deals, who get the thrill of signing up a new deal. And there you of course looking for the traditional sales skills, but also the creativity of how to structure deals.

We then we split that role from managing those relationships for success in the future. So we have what we call partner success managers. They really think about how we can create joint growth with the partner.

We also have technical people. Solution engineers who help design the integrations, technical partner managers who help them solve problems, etc. And overall, we have people that think about creating programs for partners, standardized programs, including joint marketing activities, etc.

Kunal Mehta: Katja and I have had a chance to work with you on round tables, and Mollie and you are deeply introspective. I’m just curious. What are some of the lessons you’ve learned along the way?

Ken Serdons: We try to do many bold things and sometimes things work – sometimes they don’t, and if they don’t work we course correct quite quickly. Looking at partnerships I think one of the mistakes that we made was that we were too focused on creating new deals, on the hunting part.

We did not spend enough effort into nurturing those relationships going forward. When we identified that some of these partnerships were not reaching the ambitions that we had when we created the deals, we started investing a lot more in those partner success management capabilities. And it really has created more trust with partners. And obviously more businesses flowing through right now.

Katja Gagen: That’s right, and Mollie has been on an expansion path, which Kunal and I have seen firsthand. We see your competitors carpet bomb their way into markets, but Mollie takes a different approach.

I remember reading all your German materials when you went into that market. And I know localization is really important to you. Tell us a bit about your strategy for expansion and going into new markets.

Ken Serdons: Yes. As you said, Katja, we believe that a very localized approach is required to create a truly unique experience for our customers and their shoppers.

They’re probably about three components in our international strategy. First one is focus. The second one hyper localization, and the third one is creating and standardizing the playbook that we talked about.

In the beginning we did not have this international expansion playbook in place and then it’s actually very difficult to roll out new markets at speed. And when I joined, we were active in about six markets, and we wanted to be present in as many markets as soon as possible. But I quickly identified that that was probably not the right way to differentiate ourselves.

We took the decision to focus. Drop Italy, for example, where we had a very small sales team in place, to really focus our efforts and resources on the markets where we saw a lot of traction. Mainly Germany and France, and later on the U.K. as well.

Hyper-focused on what really works, we’ve managed to achieve really fast growth. So Germany, for example, last year we were growing at a thousand percent year over year.

The second point about hyper localization. And this is really how we differentiate from, for example, the global PSPs, that process transactions across the world. Every market in Europe is different. They have their own nuances, their own local payment methods.

We localize our offering to not just include all the local payment methods, but also to make sure that the integration of those payment methods is optimized for conversion. So there’s never a redirect. You always stay as a shopper within the branded experience of the website that you shop at.

We also have localized the onboarding experience, tapping into local databases, using the right language. So we make sure our customers understand the documentation that they need to provide to us. Obviously, we also provide localized customer service in the local language. A German person likes to talk to a German support agent and it’s the same thing in every single market.

Finally, on creating that playbook. So when you go to a lot of markets at the same time, you really need to know about what you need to do at which sequence. We have created a playbook that includes how you set up partnerships upfront, how you start hiring the right sales teams, how you structure the team at different stages of the journey. That playbook really helps now to speed up the expansion to different markets.

Kunal Mehta: Ken, talking about focus. How is this reflected in the choice of the customer segments that Mollie serves?

Ken Serdons: One of the guiding principles from the get-go was that we never wanted to do any bespoke development. Bespoke development creates legacy technology and that’s expensive to maintain, but it’s also not scalable.

When we started, we focused on the small customers first, with a simple and easy to integrate product. We started off with a focus on one payment method back in the day, which was iDEAL, which is the preferred payment method in Netherlands. We really optimized that user experience and over time we really created an amazing journey for our customers.

Kunal Mehta: I love hearing two growth hacks in one answer. No bespoke development. It’s just too expensive to maintain and start with SMB because you just learn at scale in that segment. That’s really great.

Ken Serdons: Indeed yeah, I think it’s an easier way to disrupt the market if you start from the smaller end, add more features then as they go up market. The other way around is a lot more painful when you have to really simplify a complex product that you are using for larger customers to simplify it down, to go off smaller customers. That’s a really tricky job.

Katja Gagen: And what we’ve seen is that Mollie has grown up a lot in the last 17 years and learned a lot. But we also at TCV really focus on value and mission driven companies. So, how have your values evolved over time at Mollie?

Ken Serdons: Yes, they have evolved quite a bit, actually. So, we started off with five rather generic values. It’s a typical thing that you see at pretty much every corporate companies. We had passion, impact, courage, honesty, and friendship, and those values were good values, but they didn’t really resonate. So, we decided to upgrade those values and we selected three values that fully reflect what we do and who we are.

The first one is “Be Loved”. We aim to be the most loved partners for our customers, for our partners, but also be the most loved employer for our “Mollies”. And that’s important because for our customers, we always try to do the right thing. Every person you speak to at Mollie is absolutely passionate about our customer. We take care of them. We provide them an honest service. There’s never hidden fees at Mollie. And we’re super transparent on pricing, which is quite unique in our industry.

The second value is “Be Bold”. We’re not afraid to fail. We try lots of different things, make bold moves, and then if things don’t work out, we quickly iterate at a fast pace.

A good example of being bold is that we never locked our customers into a long-term contract. Our customers can leave at any point in time. And while that sounds a little bit scary sometimes, it actually is the best sign of confidence that we believe in our own product.

Finally, the third value is to “Be Authentic”. We want people, our colleagues to bring their best self to work. They can truly be who they are. We have lots of different nationalities, people from different backgrounds, et cetera. And it creates not just a fun environment, but also an environment where we encourage diversity of thought.

Kunal Mehta: You often don’t see “be loved” as a value. And that’s so refreshing to see, how does that show up at Mollie?

Ken Serdons: Yeah, I think in many different ways. So first of all, in all the interactions with our customers. In the way we think about pricing, in the way we optimize our products, et cetera. But we also look at our values in our performance appraisal process.

So every half year, every “Mollie” is being evaluated and we evaluate also our colleagues on which values they represent the most. And also the hiring process. We look at our values when a person is in front of us, we really check is this person reflecting the three values that we have? And one of the key things I like at Mollie is that we always hire people with low egos.

You have to absolutely put the customer first. You have to put the company first, we’re growing so fast.

Katja Gagen: That’s so refreshing, Ken, and such good insight. We also talked about hiring people and that’s really important to Mollie. You’ve said that you’re not just hiring people to do the job now, but the job in the future. Why is that important to you?

Ken Serdons: We’re growing at a very fast pace, effectively doubling every single year. And we also do a lot of things that have never been done before at Mollie. Opening new markets, expanding into different products, and we don’t have the big supporting structures in place that you’d typically find in large corporates.

We need people who not just know what good looks like but who also know how to implement it and how to get the job done. So when we hire people or when we promote people from internally for a job, we often get people who are too big for the initial role, knowing that the company will continue to grow and the job will expand.

If you hire a person that’s just about right for the job right now, the chances are very high that they might struggle the next year when the company is twice the size. And if you think one year ahead, they might be underperforming as the company keeps expanding. So we really want to hire people who can do the job still two years down the line.

And I think that only works if you hire low ego people. People who put the customer and the company first.

Kunal Mehta: Katja and I cover a lot of different companies. And one of the common questions we get asked are, “Hey, what’s the cool facts?” And I’m curious, what are the cool facts about Mollie?

Ken Serdons: Yes, we have about 125,000 customers and we have about 400 customers signing up on a daily basis. I think our biggest onboarding day was around 800 to 900 customers a day. Out of our top 30 best onboarding days 25 of them so far we’re in March 2020 when Corona hit and lots of merchants were scrambling to move their businesses online. So we helped a lot of these companies go online.

We have about 44 nationalities at Mollie, so a really diverse group of people. Last month was the best month ever in terms of hiring, we hired 62 people which is more than 10% of our total population.

Katja Gagen: All right, that’s pretty cool. We also have a few more questions. We always end with a rapid fire. So let’s go ahead. What’s the company you admire the most?

Ken Serdons: I love Apple because I think they’ve set the standard on providing delightful experiences on pretty much every single touch point with the customer.

Katja Gagen: What’s your go- to book, what’s on your nightstand?

Ken Serdons: So I regularly check in on a book called What Got You Here, Won’t Get You There. to really get some reflections on how to get better as a leader.

Kunal Mehta: Cool. Ken, just curious what’s the social media influencer who you follow the most?

Ken Serdons: Yeah. So I like to read stuff from Robin Sharma. He is a leadership coach. He’s a bit over the top, but his advice is always a great reminder on how to do things differently.

Katja Gagen: I totally agree. I like his 5:00 AM club as well Ken, and that gets me up in the morning.

Kunal Mehta: Well, it should make the next question super easy, morning person or night person?

Ken Serdons: Morning person. So I do try to get up early and enjoy the quietness of the mornings to work on myself and to get stuff done.

Kunal Mehta: Fantastic. And what’s your proudest achievement at Mollie?

Ken Serdons: It’s been a really fun journey the past two years, but I think what’s most memorable is I think all the efforts we did to help customers move online when the pandemic hit. And during the time we also expanded our market share substantially in all markets.

Katja Gagen: Well, thanks so much, Ken. We covered a lot today. Partnerships, expansion, culture, hiring, you name it. And I think we could have talked for a few more hours, but thanks for joining us on Growth Hacks today, and for all the insights you shared.

Ken Serdons: Thanks so much. It was my pleasure.


The views and opinions expressed are those of the speakers and do not necessarily reflect those of TCMI, Inc. or its affiliates (“TCV”). TCV has not verified the accuracy of any statements by the speakers and disclaims any responsibility therefor. This interview and blog post are not an offer to sell or the solicitation of an offer to purchase an interest in any private fund managed or sponsored by TCV or any of the securities of any company discussed. The TCV portfolio companies identified, if any, are not necessarily representative of all TCV investments, and no assumption should be made that the investments identified were or will be profitable. For a complete list of TCV investments, please visit For additional important disclaimers regarding this interview and blog post, please see “Informational Purposes Only” in the Terms of Use for TCV’s website, available at

Cognite Secures $150 Million Investment from TCV to Accelerate Digitalization of Global Industries

May 19, 2021 08:50 AM Eastern Daylight Time

OSLO, Norway & AUSTIN, Texas– (BUSINESS WIRE) —Cognite, a global leader in industrial software innovation, announced today that it has signed an investment round of $150M with leading global growth equity firm TCV, valuing the company at $1.6B. This investment marks one of the largest funding rounds for a SaaS company in Europe and confirms industrial digitalization as a global megatrend. The new valuation round constitutes unicorn status for Cognite.

“Cognite is building the future by redefining modern industrial data management,” said Jake Reynolds, General Partner at TCV.

“Cognite has had a remarkable growth journey since its founding in 2017, attracting top talent from across the globe, working feverishly to develop, deploy and verify the impact from its industrial software technology. As the global growth continues across industry verticals, there is significant interest from companies to partner with Cognite. We are very pleased to welcome TCV, a top-tier growth equity firm, on board, especially given their strong track record from building and scaling enterprise software companies globally,” said Øyvind Eriksen, President and CEO of Aker. “The investment is a testament to the Cognite growth journey so far and to its future potential. Moreover, it highlights the significant value creation taking place in Aker’s industrial software portfolio.”

TCV has a broad network and expertise in successfully scaling technology companies, including Netflix, OSIsoft, Splunk, Airbnb and Spotify. This new partnership allows Cognite to harness TCV’s expertise in international expansion for industrial software companies and complements earlier funding by global venture capital firm Accel, as both are committed to backing category-defining businesses. The partnership coupled with Aker, Cognite’s majority stakeholder, will accelerate the full-scale data-driven transformation of legacy industries to help make them more sustainable and profitable through digitalization and data. As part of the transaction, Jake Reynolds, general partner at TCV with a 20-year history in venture capital and technology investing, is joining the Cognite Board of Directors.

“Cognite is building the future by redefining modern industrial data management,” said Jake Reynolds. “Cognite is emerging as a leader of the pack through their proven industrial software-as-a-service (SaaS) solutions as the world turns to digitalization to truly transform, and we look forward to partnering with them to revolutionize the industry as they grow and scale.”

Cognite’s flagship Industrial Data Ops product: Cognite Data Fusion (CDF) is currently digitalizing asset-intensive industries globally by making industrial data more accessible and meaningful to humans and machines, enabling clients to create value through AI-based applications and solutions. CDF is also a critical tool used by companies to actively participate in the energy transition through data liberation and contextualization to address transparency, accountability, and sustainability. CDF is deployed by Cognite customers worldwide including: bp, Saudi Aramco, Alfa Laval, Statnett, and Mitsubishi.

“Cognite is on a strong trajectory to help transform industry, and since our founding four years ago, we have managed to attract top global talent, and partner with top industrial companies to accelerate modern industrial data management worldwide,“ said Dr. John Markus Lervik, CEO and co-founder of Cognite. “The partnership with TCV allows us to amplify our software solutions to empower asset-intensive businesses to improve their sustainability and profitability of operations, and perfectly complements the extensive industrial knowledge brought in by our majority shareholder, Aker.”

Cognite continues rapid expansion, growing in valuation threefold since November in part due to a global collaboration with Microsoft and inclusion as a Top 200 Global Independent Software Vendor (ISV), a partnership with Accel, and post COVID demand for digitalization across industries. Cognite was founded in 2017 and is one of the fastest-growing industrial software companies in the world with over 500 employees across offices in Europe, the United States, Asia, and the Middle East.

About TCV

Founded in 1995, TCV was established with a clear vision: to capture opportunities in the technology market through a specialized and consistent focus on investing in high-growth companies. Since inception, the firm has built a track record of successfully backing public and private businesses that have developed into dominant industry players across internet, software, FinTech, and enterprise IT. TCV has invested over $14 billion to date and has helped guide CEOs through more than 125 IPOs and strategic acquisitions. TCV has invested in cutting edge technology companies including OSIsoft, Airbnb, Brex, ByteDance, Facebook, Hotmart, Netflix, Peloton, Spotify, Zillow, Clio, Redis Labs, Klarna, Mollie, Nubank, Payoneer, Revolut, Toast, Wealthsimple and WorldRemit. TCV has successfully executed over 350 investments of varying structures, including mid-stage, late stage and public company investments, and has offices in Menlo Park, New York, and London. For more information about TCV, including a complete list of TCV investments, visit

About Cognite

Cognite is a global industrial software-as-a-service (SaaS) company supporting the full-scale digital data-driven transformation of asset-intensive industries around the world. Our core product, Cognite Data Fusion (CDF), is an industrial data operations and contextualization platform, putting raw data into real-world industrial context, enabling rapid application & solution creation at scale. CDF powers companies with contextualized OT/IT/ET data to develop solutions that increase safety, sustainability, efficiency and drive revenue. Visit us at and follow us on Twitter @CogniteData or at LinkedIn:

Media Contacts

Michelle Holford Global PR Lead, Cognite
+1 (512) 744-3420 (US) or +47 482 90 454 (Norway)

Katja Gagen Head of Marketing at TCV
+1 (415) 690-6689