French fintech Qonto has applied for a banking license with France's banking regulator as it seeks to expand beyond payment services to offer lending, savings and investment products, it said on Thursday. The company, which provides digital banking and financial management tools for small and medium-sized businesses, said it serves more than 600,000 business customers across eight European markets including France, Germany, Italy and Spain.
A banking license would enable the company to expand its partnerships and its pay-later service with complete independence, Qonto's CEO and co-founder Alexandre Prot said in a statement.