Qonto

What Is Qonto?

Opening a business bank account in Europe has historically meant queuing at a branch office, submitting a stack of incorporation documents, and waiting two to four weeks for approval. For freelancers and newly formed companies, the experience is worse — traditional banks often deprioritise small accounts, charge maintenance fees that dwarf the account balance, and offer digital tools designed for consumers rather than business operations.

Qonto exists because that process is broken. Founded in 2017 by Alexandre Prot, Steve Anavi, and Jessica Holzbach, the Paris-based fintech has built a business banking platform that handles account opening in minutes, bundles invoicing and bookkeeping into the banking interface, and operates natively across five European markets. Licensed as a payment institution by France's ACPR (Autorite de controle prudentiel et de resolution), Qonto now serves over 500,000 businesses across France, Germany, Italy, Spain, and the Netherlands.

The numbers tell a growth story. A EUR 486 million Series D round in 2022 valued the company at EUR 4.4 billion. Revenue reached EUR 159 million in 2023. The team has grown to approximately 2,300 employees. Qonto has applied for a full credit institution licence with the ACPR, which would allow it to offer lending products and cement its position as a full-service business bank.

Key Features

Multi-Country Business Accounts

Qonto's most strategically important feature is its multi-country IBAN support. A French SAS, a German GmbH, and a Spanish SL can each get a local IBAN — FR, DE, or ES — through a single Qonto interface. SEPA transfers within the European Economic Area are included in every plan, and the platform supports international payments for cross-border operations.

For businesses expanding across EU markets, this eliminates the need for separate banking relationships in each country. One dashboard, one set of credentials, local IBANs in each market. Traditional banks rarely offer this level of cross-border simplicity, and when they do, the setup process takes weeks rather than minutes.

Corporate Cards with Spend Controls

Every plan includes Mastercard corporate cards — physical and virtual. The Smart plan and above include 50 virtual cards, while Basic charges EUR 2/month per virtual card. Each card can be assigned individual spending limits, and managers can approve or block card requests through the app.

Virtual cards are particularly useful for managing software subscriptions, ad spend, and one-time vendor payments. Creating a single-use virtual card for a specific purchase eliminates the risk of recurring charges from forgotten subscriptions — a small feature with outsized impact on spend hygiene.

Integrated Invoicing and Bookkeeping

Qonto combines banking with financial operations that traditionally require separate tools. The invoicing module creates and sends professional invoices directly from the banking interface. When payment arrives, Qonto automatically matches the incoming transfer to the corresponding invoice and marks it as paid.

The bookkeeping tools categorise transactions, detect VAT, capture receipts, and generate accounting-ready exports. A dedicated accountant access portal lets external accountants view transactions and download exports without needing the business owner's credentials. For freelancers who previously tracked income in spreadsheets and forwarded bank statements monthly, this consolidation is transformative.

Cash Flow Management

Qonto's cash flow tools provide forward-looking visibility into account balances. The platform projects future balances based on recurring payments, pending invoices, and scheduled transfers. For small businesses where cash flow timing determines whether payroll clears, this predictive view reduces the anxiety of financial uncertainty.

The Cash Flow Management Plus add-on (EUR 29/month) extends this with more advanced forecasting, scenario modelling, and automated categorisation — useful for growing businesses with complex payment patterns.

Pricing

Qonto's pricing spans six tiers designed for different business stages. For freelancers and solo entrepreneurs: Basic at EUR 9/month offers a local IBAN, one physical card, and 30 SEPA transfers. Smart at EUR 19/month adds accountant access, receipt management, two physical cards, and 50 virtual cards. Premium at EUR 39/month includes all Smart features with priority support and advanced analytics.

For companies with teams: Essential at EUR 49/month brings unlimited team members, multiple IBANs, and approval workflows. Business at EUR 99/month adds higher transaction limits and a dedicated account manager. Enterprise offers custom pricing for large organisations.

All monthly plans include a 30-day free trial with no commitment. Annual billing saves roughly two months of fees. The pricing is transparent and competitive — N26 Business starts free but lacks invoicing and team features, while Holvi (also EU-based) charges EUR 12/month for comparable freelancer functionality with fewer integrations.

The hidden cost to watch is add-ons. Cash Flow Management Plus and Accounts Payable Plus each cost EUR 29/month, and additional team members or exceeding transaction quotas on lower plans incurs per-unit charges. A growing team on the Smart plan can see costs climb quickly if usage outpaces the plan's included allowances.

EU Compliance & Privacy

Qonto's regulatory position is among the strongest in European fintech. Olinda SAS (Qonto's legal entity) holds a payment institution licence from France's ACPR — the same regulator that supervises BNP Paribas and Societe Generale. Client funds are segregated from company operating funds, providing protection in the event of insolvency.

The platform complies with PSD2 and implements Strong Customer Authentication (SCA) for all transactions. Data is encrypted with SSL, and card transactions use 3D-Secure verification. GDPR compliance is native — the company processes all data under EU jurisdiction with no transfers to non-EU territories.

Qonto has applied for a full credit institution licence, which would bring the company under even stricter regulatory oversight and enable it to offer credit products directly rather than through partners. The recently launched credit card and overdraft products in France, Germany, Spain, and the Netherlands represent early steps toward that full-banking model.

For businesses that need a regulated financial partner rather than just a software platform, Qonto's ACPR licence provides genuine regulatory protection that most fintech competitors — particularly those operating under e-money licences — cannot match.

Who It's Best For

European freelancers and sole traders who need a professional business account with integrated invoicing and bookkeeping. The Basic plan at EUR 9/month replaces a traditional bank account, an invoicing tool, and a basic accounting app.

SMEs expanding across EU markets that need local IBANs in multiple countries without opening separate banking relationships. Qonto's multi-country support is a genuine competitive advantage.

Finance-conscious small businesses that want real-time visibility into spending, cash flow forecasting, and automated receipt capture without bolting on additional SaaS tools.

Companies transitioning from traditional banks that are frustrated by slow onboarding, high fees, and digital tools designed for consumers rather than businesses.

The Verdict

Qonto has built the business banking platform that European SMEs deserve — fast onboarding, transparent pricing, multi-country IBANs, and financial management tools integrated directly into the banking interface. At 500,000 customers, it has proven the model works at scale. The platform's limitations are real: no personal banking, add-on costs that accumulate for growing teams, and lending products still in early rollout. But for the core use case — a modern, regulated business account with invoicing, expense management, and bookkeeping built in — Qonto delivers more value per euro than any traditional bank and most fintech alternatives.

Frequently Asked Questions

Is Qonto a real bank?

Qonto holds a payment institution licence from France's ACPR, which authorises it to provide payment services and issue cards. Client funds are segregated and protected. The company has applied for a full credit institution licence, which would grant formal banking status.

Is Qonto GDPR compliant?

Yes. Olinda SAS (Qonto's legal entity) is registered in France and processes all data under EU jurisdiction. The platform uses SSL encryption, 3D-Secure card transactions, and complies fully with GDPR and PSD2/SCA requirements.

How does Qonto compare to N26 Business?

Qonto is purpose-built for businesses with multi-user access, invoicing, accountant portals, expense management, and team card controls. N26 Business is a personal account with freelancer add-ons. For anyone with employees or business operations beyond solo freelancing, Qonto offers substantially more functionality.

Does Qonto offer a free trial?

Yes. All monthly plans include a 30-day free trial with no commitment. No payment information is required to start. Plans begin at EUR 9/month after the trial ends.

Which countries does Qonto operate in?

Qonto currently serves businesses in France, Germany, Italy, Spain, and the Netherlands. Each market provides a local IBAN, and SEPA transfers work across the entire European Economic Area.