Major Expansion Plans for European SMEs
French fintech leader Qonto has taken a bold step by applying for a full banking licence. Currently serving 600,000+ small businesses, the company plans to expand its services significantly. With this licence, Qonto could offer loans, savings accounts, and investment options directly.
Why This Move Matters
Right now, Qonto operates under a payment institution licence. This allows:
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Business account management
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Digital invoicing
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Expense tracking
However, the new licence would change everything. First, it would let Qonto provide loans without partners. Second, it could create savings products. Finally, the company could develop custom financial tools.
Strong Foundations for Growth
Since launching in 2017, Qonto has achieved impressive results:
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Raised €600 million
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Grew to 1,600 employees
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Became profitable in 2023
Looking ahead, the company wants to double its customers by 2030. It also plans European expansion and new AI features.
CEO’s Vision for the Future
“European SMEs need better banking options,†says CEO Alexandre Prot. “Currently, we partner for loans. Soon, we could offer complete solutions ourselves.â€
This move comes at the perfect time because:
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Traditional banks are slow to innovate
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More SMEs want digital tools
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Regulators support fintech growth
What This Means for Business Banking
If approved, Qonto could:
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Offer faster, cheaper loans
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Provide better savings rates
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Create specialized products
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Challenge big banks directly
Ultimately, this could make Qonto the top choice for Europe’s 25 million small businesses.