Qonto Seeks Banking License to Expand European Services

French fintech Qonto has applied for a banking license in France, seeking to expand its services beyond payments to include lending, savings, and investment options. The company reported 30% year-on-year growth in 2024 and serves over 600,000 business customers in eight European countries. Achieving profitability ahead of schedule, Qonto aims to offer longer-term, higher-value loans by leveraging customer deposits, reducing dependence on banking partners. This strategic move is designed to strengthen Qonto's competitive position as digital payments rise across Europe. The company targets reaching 2 million customers by 2030, responding to market pressures from rivals like Revolut and Memo Bank. Becoming a regulated bank will require Qonto to meet stricter capital and regulatory standards.