Qonto applies for banking license in France

Financial management solution provider Qonto has applied for a banking licence from France's Autorité de Contrôle Prudentiel et de Résolution (ACPR) as it seeks to expand its lending, savings and investment capabilities.

The company, which currently serves more than 600,000 SME and freelance customers across Europe, said the move is “a natural progression” in its attempt to boost its services and reach its goal of having two million customers by 2030.

The licence will allow Qonto to offer an expanded suite of services, including loans, savings and investments, strengthening its position in Europe.

Alexandre Prot, chief executive and co-founder of Qonto, said the move aligns with the company's focus on providing a secure and flexible corporate banking offering.

“SMEs need comprehensive financing solutions, and while we already serve many customers through partnerships and our Pay Later service, a banking license will enable us to expand these capabilities with complete independence,” he said.

Launched in March 2024, Qonto’s Pay Later service is a short-term financing solution designed to help SMEs and freelancers manage cash flow by deferring supplier payments, facilitating around €50 million in financing since inception, according to the company.

Qonto added that it is also currently focusing on strengthening its banking capabilities with recent launches, including an in-house card processor to enable better card acceptance rates and more innovation on card products.

Launched in 2017 by Alexandre Prot and Steve Anavi, Qonto is currently backed by over €600 million in funding and employs a team of over 1,500 people.



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