Business banking platform Qonto applies for banking licence
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Launched in 2017 by Alexandre Prot and Steve Anavi, Qonto combines business banking with financial tools including invoicing, bookkeeping, and spend management.
The firm currently operates with a payment institution license, but full bank authorisation would let it offer broader lending, savings, and investment options to its growing customer base across Europe.
Qonto - backed by €600+ million in funding and employing a team of 1,600+ people - achieved profitability in 2023 and aims to reach 2 million customers by 2030.
Alexandre Prot, CEO and co-founder, says: '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."
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