Challenger bank Qonto closes fastest fundraise on Crowdcube

French challenger bank Qonto, which reached a $5bn valuation in January, has reportedly closed a crowdfunding campaign in just six hours.

The company, which raised the money through Crowdcube, raised €5m in just six hours and 38 minutes, according to a report from Crowdfund Insider.

On Twitter Qonto said, “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.”

Qonto claimed this is the fastest raised on the Crowdcube platform. It also stated this is the first time a European unicorn has held a crowdfunding campaign.

The decision to hold this fundraise came as a way to engage with retail investors and customers to bolster their relationship.

Qonto is a challenger bank aimed at small and medium-sized businesses (SME) and freelancers. It is a one-stop-shop for banking, financing, spend management and bookkeeping.

Founded in 2017 by Steve Anavi and Alexandre Prot, the company serves over 220,000 clients across France, Germany, Italy and Spain.

The company previously raised $552m in its Series D funding round back in January.

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