French neobank Qonto has applied for a banking license after reaching 600,000 customers across Europe.
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 under a payment institution license, but obtaining full bank authorization would allow it to offer a broader range of lending, savings, and investment options to its growing customer base.
Backed by over €600 million in funding and employing more than 1,600 people, Qonto achieved profitability in 2023 and aims to reach 2 million customers by 2030. CEO and co-founder Alexandre Prot states, “SMEs need comprehensive financing solutions. 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 and supports our mission to create financial freedom for 2 million SMEs and freelancers across Europe by 2030.”