Qonto is a French fintech startup targeting European freelancers and SMBs. It currently operates under a payment institution license and has filed for a banking license to offer broader financial services. The startup recently achieved 600,000 customers but needs a credit license to reach its goal of 2 million by 2030. Competing fintechs have taken different licensing approaches. Qonto's recent drive to accelerate growth is linked to achieving profitability ahead of schedule in 2023.
Qonto has filed for a banking license in France to offer broader lending, savings, and investment options to European freelancers and SMBs.
With its current payment institution license obtained in 2018, Qonto has expanded into several European markets and reached 600,000 customers.
Lacking a credit institution license hinders Qonto's growth goal of reaching 2 million customers by 2030, impacting its competitive advantage.
While competitors like Revolut and Memo Bank have different licensing strategies, Qonto's acceleration follows a profitability achievement ahead of schedule in 2023.
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