What is Qonto? Qonto, formerly Penta Bank, is a European fintech company established in 2016, specializing in online business accounts for self-employed individuals, microenterprises, SMEs, and company creators. They strive to simplify business finances by providing a user-friendly platform with features tailored to the unique challenges faced by smaller businesses.
Who owns Qonto?
Qonto is a privately held company with a diverse group of investors, including prominent venture capital firms like Alven, DST Global, and Valar Ventures. This investment pool allows them to continually innovate and expand their services.
Is Qonto an online bank?
While Qonto offers many banking features, it's technically not a bank itself. They partner with established banks like Solarisbank (in Europe) and Evolve Bank & Trust (in the US) to hold customer funds securely. This allows them to offer competitive rates and avoid the regulatory burden of a full banking license.
Where is Qonto based?
Qonto is headquartered in Paris, France, with a presence in several other European countries like Spain, Germany, and Italy. They recently expanded to the US in 2023, offering their services to American businesses as well.
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Benefits of Opening a Qonto Business Account:
- Dedicated business account: Business account with IBAN to separate your personal and business finances for better organization and tax clarity.
- Multiple user access: Grant different access levels to team members for improved collaboration and control.
- Physical and virtual cards: Manage expenses with customizable debit cards and track spending easily.
- Automated tasks: Schedule recurring payments, automate invoicing, and streamline bookkeeping.
- Transfers: Support for SWIFT and Instant SEPA transfers.
- Business loans: You can apply for flexible loans between €500 and €1 million.
- Integrated tools: Connect with accounting software and other business tools.
How Qonto Works:
Opening a Qonto account is a simple online process. Choose a plan that fits your business needs, provide your identification documents, and get verified. Once approved, you’ll receive your virtual debit card instantly and your physical card within a few days. Manage your account, send and receive payments, and access various features through the user-friendly web platform or mobile app.
Qonto Fees
Qonto charges the following monthly fees.
| User Type | Plan | Qonto Pricing (€) |
|---|---|---|
| Self Employed | Basic | €11 |
| Smart | €23 | |
| Premium | €45 | |
| SMEs and Teams | Essential | €29 |
| Business | €99 | |
| Enterprise | €249 | |
| Company Creators | Basic | €9 |
| Essential | €29 |
Qonto Supported Countries
Currently, Qonto operates in France, Spain, Germany, and Italy. They are actively expanding to other European markets.
Is Qonto Safe and Legit?
Qonto is a legit and safe financial institution. Qonto is not a bank, but rather a payment institution supervised by the Banque de France. The German branch of Qonto is subject to supervision by BaFin and ACPR. As a regulated payment institution, all our customers’ funds are secured. The funds deposited in your Qonto account are totally separate from Qonto’s treasury.
The funds are partly ‘segregated’ in the books of Crédit Mutuel Arkéa. The other part is invested in qualified money market funds, the units of which are held in the books of Société Générale in accordance with their legal and regulatory obligations. This means that no one but you have access to your money. Neither Qonto nor anyone else can use or invest your company’s money.
Qonto Alternatives and Competitors
Several other fintech companies offer similar services for small businesses. Some popular alternatives include:
Choosing the right platform depends on your specific needs and location.
Qonto: Online Business Banking Solution
Qonto provides a compelling solution tailored for self-employed individuals, microenterprises, SMEs, and company creators in need of a user-friendly and feature-rich online business account. It’s important to note that Qonto does not offer personal accounts and is not available in all European countries. However, with its transparent pricing, strong focus on security, and diverse range of solutions, Qonto is certainly worth considering for managing your business finances.
