The French Fintech Qonto raised five million euros in its crowdfunding round within 6.5 hours on CrowdCube. Qonto is a Payment Institution regulated, approved and supervised by the French Autorité de Contrôle Prudentiel et de Résolution (ACPR). The company has already raised €486 million in Series D funding and stated earlier this month that it was “inviting primarily its clients across its four markets to become shareholders.
More than 1,800 Qonto customers from the so-far developed markets of Germany, France, Spain, and Italy had participated in the CrowdInvesting round, the company announced. A share costs investors 137.94 euros. Each investor could invest a maximum of €10,000
Qonto informed on Twitter that “as everything happened extremely quickly and we could not exceed the €5 million bar imposed by the regulations in force, some of you were unable to invest. We are sincerely sorry.” The company may take “other initiatives” soon. Qonto claimed the speed of the round was a record for Crowdcube in Europe.
Since April, Qonto customers can register for the crowd-investing round on the Crowdcube platform. A condition for participation was that interested parties were of age and had access to a Qonto account.