Qonto is cheaper and faster than traditional banks, and clients can perform all banking transactions online
Spotted: French fintech startup Qonto is positioning itself as an alternative bank for freelance and small business clients. Its services are cheaper and faster than traditional banks, the company says. Qonto targets freelancers and businesses with less than 250 people. Clients can perform all banking transactions online. Qonto also provides a French IBAN number and a debit card.
The goal is to “dust off the old banking experience”, according to co-founders Alexandre Prot and Steve Anavi. The two started Qonto after becoming frustrated with the banking system when they built their first company.
The company is already serving 25,000 clients and has reportedly managed $2 billion in total transaction volume. It plans to use the $23 million in investor funds to double the size of the team. Qonto also plans to create its own payment infrastructure and expand to Germany, Italy and Spain.