French fintech Qonto seeks banking license as it targets 2 million clients by 2030
The company, which provides digital banking and financial management tools for small and medium-sized businesses, said it serves more than 600,000 business customers across eight European markets including France, Germany, Italy and Spain.
Qonto currently operates under a payment institution license, offering businesses financial services from invoicing and accounting to card payments and wire transfers.
The neobank, launched in July 2017, aims to reach 2 million customers by 2030. It has raised more than 600 million euros ($705 million) in financing from venture capitalists and angel investors.
Digital payments continue to gain ground in Europe, although at a slower pace than previously.
A European Central Bank study, opens new tab published in December showed cards remained the dominant payment instrument by value, with a 45% share, while mobile apps were growing rapidly from 4% to 7% of payment values.
Qonto has also bolstered its board with banking expertise, including former UniCredit CEO Jean-Pierre Mustier who serves as an independent member of Qonto's board.
A banking license would enable the company to expand its partnerships and its pay-later service with complete independence, Qonto's CEO and co-founder Alexandre Prot said in a statement.
($1 = 0.8511 euros)
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