French challenger business bank Qonto has applied for a French banking licence, as it looks to offer lending and a broader array of banking services in its ambition of reaching two million customers.
The Tiger Global-backed neobank said it now has more than 600,000 customers across Europe, eight years after its launch.
Qonto is focused on business bank accounts, zooming in on SMEs as well as freelancers and operates across France, Germany, Italy, Spain, the Netherlands, Belgium, Portugal, and Austria.
It has an ambitious goal of hitting two million customers by 2030 and believes a banking licence will help it get there.
Qonto, which currently operates under a more restrictive payment institution licence, says acquiring a full banking licence will mean it can offer services such as lending, savings and investment.
It has applied for its banking license with the Autorité deContrôle Prudentiel et de Résolution (ACPR), France's banking supervisor.
Revolut has also recently said it is applying for a French banking licence.
Alexandre Prot, CEO and co-founder, Qonto, said: "This application builds on our proven financial performance, having achieved profitability ahead of schedule in 2023, and supports our mission to create financial freedom for two million SMEs and freelancers across Europe by 2030."
In 2022, Qonto raised $552m Series D funding round, reaching a valuation of $5bn, with Tiger Global and TCV leading the round.
Image: Qonto
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