Qonto has filed for a banking license, according to a public statement. Qonto, a Fintech that is already serving more than 600,000 SMEs and freelancers in eight different countries including France, Germany, Italy, Spain, the Netherlands, Belgium, Portugal, and Austria.
Qonto is currently operating under a Payment Institution License.
The banking application is being filed in France with the Autorité de Contrôle Prudentiel et de Résolution (ACPR), France’s banking supervisor.
Once a bank license is approved, Qonto will be able to provide additional servinces like lending, savings and offering investment services.
Alexandre Prot, CEO and co-founder of Qonto, said their aim is to provide the safest and most flexible business banking service.
“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. This application builds on our proven financial performance, having achieved profitability ahead of schedule in 2023, and supports our mission to create financial freedom for 2 million SMEs and freelancers across Europe by 2030.”
Qonto recently launched a pay-later service and an in-house card processor for customers. The pay later service is said to have enabled approximately €50 million since 2024.
While working on the license, Qonto states that it is enhancing its banking infrastructure, boosting risk managementa and pursuing new products.
Qonto highlights its Board of Directors, which brings a solid level of experience to the firm, with members coming from Fintechs like Wise and large institutions like Societe Generale
Qonto was launched in 2017 by Prot and Steve Anavi, having received over € 600 million in funding.