Financial start-up: "Germany is our priority": French fintech Qonto launches mid-market offensive
Qonto wants to become the central financial platform for small and medium-sized enterprises. To achieve this, the French fintech is focusing on more products and the path to its own banking license.
A French fintech company called Qonto is launching an offensive targeting Germany's small and medium-sized enterprises (SMEs). The company's founder and CEO, Alexandre Prot, emphasizes that "Germany is our priority" and aims to become a central financial platform for these businesses. In 2020, Qonto started operating in the German market, and in 2022, it acquired the Berlin-based Penta.
Prot believes that a bank license is crucial for Qonto to offer new credit, savings, and investment products. Currently, Qonto only holds a payment institution license, but it has applied for a full bank license in France for 2025. Qonto's goal is to provide credit, savings, and investment products while increasing independence from partner banks.
The company faces a challenging environment in the German market, with traditional banks, Sparkassen, Volksbanken, and Fintechs like Qonto and N26 competing for the same customers. Established banks have a strong loyalty bond with their customers, and many SMEs are still reluctant to seek external financing. Qonto aims to change this perception by offering a seamless digital experience for all aspects of running a business, from invoices and receipts to card transactions.
The company plans to hire Malte Dous, a former executive at DocMorris, Zalando, and Wayfair, to continue driving platform thinking and innovation in Germany.
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