French FinTech Qonto expands to 4 new European markets

By Gloria Methri

Qonto, the European business finance solution for SMEs and freelancers, has expanded its international footprint with its launch in Austria, Belgium, the Netherlands and Portugal.

Founded in 2016, Qonto’s mission is to make day-to-day banking easier for SMEs and freelancers by offering an online business account combined with finance tools, such as invoicing, bookkeeping, and spend management.  ]

The expansion will strengthen its position as a European business finance solution and will serve the needs of SMEs and entrepreneurs across these new regions.

SMEs and freelancers constitute 99% of European businesses and 100 million jobs in the EU, yet their need for accessible, easy-to-use finance and banking services is poorly served. There is great potential to help them thrive, and Qonto’s geographic expansion into Austria, Belgium, the Netherlands and Portugal aims to support them in driving their growth and success.

In all four new Qonto markets, the need for innovative banking and financial management solutions is high:

• The Netherlands stands out with its robust SME growth and impressively high 91% mobile banking penetration, indicating an apparent demand for innovative, digital-first banking solutions.
• In contrast, Austria and Belgium’s financial services sectors face challenges, with low customer satisfaction rates pointing to a significant need for improved business financial offerings.
• Portugal, meanwhile, has seen impressive SME growth and an entrepreneurial spirit in recent years. However, the country’s financial technology sector has not kept pace, leaving a gap in digital financial services to support this developing business ecosystem.

Qonto aims to offer companies in Austria, Belgium, the Netherlands and Portugal a customised, market-specific solution for financial management.

Alexandre Prot, CEO and Co-Founder of Qonto, said, “After our successful expansion in Germany, Italy and Spain, we are now confident to take the next step in our European expansion. I am excited to open in Austria, Belgium, the Netherlands and Portugal. Over the past years, our team of 1,600 Qontoers has learned how to build a tailored business finance solution, making it relevant to local businesses, and we are more than ever committed to implementing these learnings and bringing even more value to European businesses.”

Seven years after its launch in France, Qonto says it is trusted by half a million businesses across France, Germany, Italy and Spain, and has a growing team of 1,600 across Europe.