Qonto, the Paris-based neobank serving freelancers and small-to-medium businesses (SMBs), is making a strategic push toward full banking status. Launched in 2017, Qonto has scaled to over 600,000 customers across key European markets, including France, Germany, Spain, Italy, Belgium, the Netherlands, Austria, and Portugal.
Its current status as a payment institution has enabled foundational services—like invoicing, card payments, wire transfers, and limited “pay‑later” offerings funded from its own equity—but it remains restricted from offering lending, savings, or investment products on a large scale.
To accelerate its growth and broaden its suite of services, Qonto has applied for a banking license from France’s ACPR regulator. This transformation would unleash lending backed by customer deposits, enable a more flexible product set, and reinforce its full-stack fintech infrastructure.
Why the License Matters
- Unlocking New Offerings & Revenue Streams: A banking license would allow Qonto to offer lending, savings, and investment services directly—no longer bound by reliance on partners or internal equity alone.
- Driving Ambitious Growth: Qonto’s target of reaching 2 million customers by 2030 is a key motivator. A full banking model provides the tools and credibility to attract larger businesses and higher-value clients.
- Building Internal Capabilities: The company has already taken steps to reduce operational dependencies—such as launching its own in-house card processor—bolstering vertical integration and control.
- Capitalizing on European Harmonization: Within the EU’s interconnected financial framework, a license from one regulator (like France’s) offers access across borders—helping Qonto scale swiftly across multiple markets.
- Facing Sharper Competition: Rivals such as Revolut and Memo Bank are aggressively pursuing full banking licenses too. Qonto’s move ensures it remains competitive, particularly in the SME segment.
Status Update (August 2025)
As of mid-August 2025, Qonto has not announced any new developments regarding its banking license application. The most recent update remains from early July 2025, when the company confirmed its filing with France’s ACPR and milestone of surpassing 600,000 customers.
Multiple sources confirm the July filing and growth targets, but no further announcements have been made regarding approval or regulatory progress. For now, Qonto continues operating under a payment-institution license while awaiting feedback from regulators.