Is Qonto ready to become a full-fledged bank? The French fintech leader is finally answering with action. After years of operating under a payment institution license, Qonto has filed for a banking license in France. This move signals its ambition to become a complete digital banking solution for freelancers and SMBs across Europe.
Founded in 2016, Qonto built its reputation on clean, intuitive tools for business finance. From payments to invoicing and bookkeeping, the platform was designed specifically for professionals—not consumers. Today, Qonto serves over 600,000 clients in countries including Germany, Spain, Italy, Austria, Belgium, the Netherlands, and Portugal.
Until now, Qonto couldn’t offer long-term credit or fully leverage customer deposits. These limitations stem from its regulatory status. A full banking license would remove these barriers and unlock major growth opportunities.
CEO Alexandre Prot shared the news during a press briefing. He confirmed that Qonto only pursued licensing after reaching profitability in 2023. “We seriously considered this years ago,” he said.
“But we needed to be profitable first—and now we are”
With a license, Qonto could offer business loans, savings accounts, and investment products—without relying on external banking partners. At present, Qonto’s credit services are limited to “Pay Later” offerings, capped at 12 months. Despite enabling over €50 million in short-term financing since 2024, the company cannot lend beyond its own equity.
To address this gap, Qonto built a financing hub. The company teamed up with fintechs like Defacto and Karmen to offer more flexible loan options. Still, the lack of a banking license puts Qonto behind competitors like Memo Bank, which already holds one, and Revolut, which is expanding in France.
However, Qonto’s motivation isn’t just about profit. Prot explained, “Some customers simply won’t bank with us unless we’re a credit institution.” Trust plays a central role, especially as Qonto eyes 2 million customers by 2030. The ability to offer secure, regulated services is key to winning over larger clients and long-term users.
In parallel, Qonto is upgrading its internal infrastructure. The company recently built an in-house card processor to boost acceptance rates and reduce third-party dependency. It’s also launching an AI layer called Qonto Intelligence. This tool aims to improve clients’ financial decision-making with real-time insights.
The company now boasts a 1,600-person team and has grown revenue by 30% in the last year. Its strongest market outside France? Germany, where demand for business banking continues to rise. And while an IPO isn’t off the table, Qonto’s current focus is clear: securing its license and expanding what it can offer.
Once hesitant to take this route, Qonto now sees full banking status as its future. It’s not just scaling—it’s evolving. And for Europe’s digital-first SMBs, that shift could change the game.
