Qonto Files for French Banking License After Hitting 600K Customers
French fintech Qonto applies for banking license after reaching 600,000 customers, aiming to expand lending and savings services across Europe.
Matilda
Qonto Files for French Banking License After Hitting 600K Customers Qonto Banking License: What It Means for Fintech and SMBs in Europe “Is Qonto a real bank?” That question frequently pops up among freelancers, small business owners, and fintech watchers alike. The answer has always been no—until now. After reaching a significant milestone of 600,000 customers across Europe, French fintech Qonto has officially applied for a banking license in France. This move marks a pivotal shift from its current operations under a payment institution license to potentially becoming a fully licensed credit institution. The implications are massive, especially for its core customer base of freelancers and SMBs seeking broader financial solutions under one digital roof. Image Credits:Qonto Qonto Banking License to Unlock Lending, Savings, and Investment Services With its existing payment institution license obtained in 2018, Qonto has successfully provided essential financial tools, including a limited form of buy now, pay later (BNPL). However, a full credit institution…