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Qonto The Profitability Challenge

Qonto The Profitability Challenge

🥁 Introducing the latest addition to our series of Deep-Dive reports:


Qonto: The profitability challenge 


If you have been following our work for some time, you are familiar with our deep-dives and our analyses in not only specific neo-banks and FinTechs, but also in the industry and different ways to approach what is happening in the world today.


Qonto, formerly known as Finpal, was launched in France in 2017 with an international focus from day one. Just two years after its French launch, it expanded into three other markets, Spain, Germany and Italy, and in honor of its fifth anniversary, it bought German rival Penta. 


In its early days, Qonto launched its solution by using Treezor's e-money license instead of going through the time-consuming procedure of applying for a banking license. This approach gave the start-up more time to concentrate on how to quickly scale, raise client awareness and cement the lead in the business banking segment, as the dominant neo-bank for freelancers and SMEs in Europe.


It was expected that Qonto would enter the credit business last year, following the application of a credit establishment license, which could see Qonto extending its revenue streams into more profitable products, such as lending. However, the project is now set aside in favor of the development of new services via partnerships. 


In the future, Qonto will continue to provide new features through partnerships, with a special focus on enriching its lending ecosystem already present with October and Edebex. Initiatives  that may enable Qonto to create new revenue streams and entice larger companies as clients.


Qonto’s ambition is to become the finance solution of choice for one million European SMEs and freelancers by 2025, which aligns with its historical key performance indicators (KPIs), where Qonto has found huge success across Europe, so far. However, now with 300K+ customers on board, it might be time for Qonto to focus on profitability.



C-Innovation Research


The team at C-Innovation has exclusively sifted through Qonto’s latest financial statements, Qonto’s blog entries, press releases, French and international media commentary from reputable sources such as Forbes, Business Insider, and the Financial Times, in order to provide a 50+ slide report which reveals Qonto’s success factors, current challenges and what the future prospects look like for the company. Subscribers can also access the raw data of our analysis. 


This report is aimed at FinTech businesses, enthusiasts and corporate banks looking for actionable takeaways which address current issues in the digital space. It provides insights on how to adapt to continue to survive and evolve by having a real example, a successful neo-bank. And we tell you all you need to know. 


Report Contents


Background of the company 🔦

  • Company Overview

  • Qonto’s Timeline

  • Approach to Banking

  • Unique Selling Proposition

  • Leadership Team

  • Investors and Funding

  • Qonto’s Ledger  


Growth Strategy 📈

  • Qonto’s Market Entry Strategy

  • Treezor’s Partnership

  • Qonto’s Core Banking System

  • Customer Growth Strategy 

  • Growth and Marketing Approach

  • Product Stack (French Market)

  • Partnerships & affiliated program

  • Core Offering shift

  • New and Improved Branding

  • Customer Service

  • International Approach

  • Funding, customer growth and Valuation


Business Model 👔

  • Value Proposition Overview

  • Revenue Model


Financial Metrics 💸

  • Annual Report 2020

  • Key Performance Indicators 

  • Main Sources of Income

  • Evolution of Customer Deposits

  • Qonto Unit Economics (£)


Competitors 🏁

  • The Competitive Landscape

  • Valuation Benchmark

  • App Score comparison

  • Banking M&A

  • Penta Acquisition

  • Lunar, Bunq, Qonto Case Study

  • Penta Company Overview

  • Ageras Group – Case Study

  • Aprila Bank – Case Study

  • European SME Banking Landscape

  • Qonto Offering Vs Traditional Banks

  • Qonto Offering Vs Digital Banks


Future Perspectives🔮 

  • Digital Banking is the Future

  • Profitability becomes critical

  • Strengthening leadership in Europe


Key Takeaways 🚀


Not completely convinced yet? Have a look at what you will have access to from C-Innovation to you…


  • ☺️ All of our sources are displayed and are up to date - leaving nothing to second-guess!

  • 🔨 We have done all the hard work (sifting through financial statements and long press releases) and synthesised this information so that it is as easy to read, digest and apply as possible!

  • 🏝️ Themes and key points are stand-alone, so if you need information quickly it can be easily identified and understood independently from previous slides.

  • 🏠 Our experienced analysts are in-house, so if you have any additional questions we are just an e-mail away.

  • 👃 Our opinions are objective and unbiased - we are not affiliated with any companies featured in this report and simply enjoy sticking our noses into their business model…!



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