Review: Qonto (Bank Accounts for Businesses)

Qonto is an up-and-coming French financial technology company headquartered in Paris, France. Born "out of frustration with a lack of options", the company's mission is to reinvent business banking by using design and technology to give entrepreneurs the best possible banking experience.

Geared towards ambitious startup founders, small business owners, freelancers and digital entrepreneurs, the company aims to make business finance easy, while still providing a reliable and powerful banking product. Qonto's approach to winning over customers is very straightforward: first, you offer customers a bank account on par with the ones at traditional "brick-and-mortar" banks. Then, you utilize cutting-edge technology to enhance security, supplement that with convenience of digital-first services, and package that in a very stylish and user-friendly interface (either on desktop or in a mobile app).

But does Qonto actually manage to deliver on that promise? To answer with certainty, our team of experts assessed Qonto's business banking solutions by getting "hands-on" with the mobile app and reviewing all relevant pricing and legal documents. The results of their critical examination are in this article.

First, we delve into the intricacies of Qonto's offerings, evaluating how well it meets the needs of its target audience and stands out in the crowded fintech space. Whether you're a freelancer tired of traditional banking hurdles or a growing business in search of a financial platform that grows with you, join us as we explore what makes Qonto a potential game-changer in business banking and criticize all the shortcomings this neobank has.

Qonto primarily services four audience segments, providing a selection of three plans for each group. From self-employed and freelancers to enterprise-level corporations, we'll dive into the differences between what's available to Qonto's customers below.

If you're just getting started and are looking to create a new company in France, Qonto provides three "all-inclusive" packages to choose from. Each of these allows you to cut down on the amount of paperwork, ensures you receive your deposit certificate within 72 hours and gives your newly created venture a ready-to-use bank account (fully paid for the next 12 months). Of course, you also get your Mastercard, 7 days a week customer support, 3D Secure and a modern mobile app that's intuitive and aesthetically pleasing. You obviously get a Qonto RIB with your IBAN details, Qonto's BIC and all other information you might need.

Here are the benefits included in each of Qonto's company creation packages.

All prices indicated below include the initial deposit fee; VAT not included

€169,- for Year 1; €108,- after Year 1

Company creation, deposit fee and your bank account ready to go. Clearly aimed at self-employed and freelancers, the biggest restriction is that you're limited to only one bank account, without any sub-accounts for easier cash flow and expense management. You get 30 transfers or direct debits per month included, and you're limited to €20'000 of card payments a month.

€289,- for Year 1; €228,- after Year 1

Biggest improvements over Basic:

• Accountant access + Automated bookkeeping tools
• [New!] Integrated invoicing tool access & 80+ other integrations
• 60 transfers/DDs a month for free; €60'000 p/m limit on payments
• Unlimited virtual cards, bulk transfers & advanced dashboard

This option definitely provides the most value per euro spent on fees.

€399,- for Year 1; €348,- after Year 1

On top of everything included in the Smart Pack, you get:

• 100 SEPA transfers or direct debits & 5 checks cashed free each month
• 2 Mastercard bank cards & unlimited virtual cards
• 4 more bank-accounts for free and full account access for 2 team members

"Essential" really only makes sense if you expect a high transaction volume in the first year, and having two users with full account access is a deal-breaker for you. Otherwise, you're better off sticking to "Smart" and reinvesting the difference in your business.

For entrepreneurs and professionals with an existing business entity, Qonto offers a selection of three plans. They are:

• Qonto Basic: €9,-/mo - covers your basic business banking needs
• Qonto Smart: €19,-/mo - less restrictions, invoicing and bookkeeping tools
• Qonto Premium: €39,-/mo - highest limits, all features and priority support

Prices shown for annual billing cycle, VAT excluded.

You can compare and contrast these three plans in our comparison table below. Keep in mind that users signing up for Qonto using any of the links provided in this article are eligible for 30-day trial and get a 20% discount when billed annually!

Expanding your business beyond just being a one-man operation is tough. This business segment frequently feels underbanked, so seeing a whole range of options for micro-businesses is refreshing.

However, in reality, none of these plans are unique or new. "Qonto Essential" is the same plan as the one offered to companies created via the "Essentials Pack", while the two other options, "Business" and "Enterprise" are exactly the same plans as the ones offered to larger businesses (read below!). Doesn't mean they're bad plans, but it might be a bit misleading!

For an established business with dozens of employees, the French neobank also offers three plans to choose from. Each of these comes with a dedicated account manager, priority 7 days-a-week customer support and 80+ exclusive integrations with third party financial tools.

The three "heavy hitters" are:

• Business: €99,-/mo - access for 10 team members, invoicing & supplier payments, automated bookkeeping tools, expense reports, cash flow monitoring and 10 bank cards with customizable limits and permissions for each.
• Enterprise: €249,-/mo - access for up to 30 users & 30 bank cards included in your monthly fee, 24 sub-accounts for budgeting, 1000 SEPA transfers a month (very linear upgrade over Business)
• Custom Plan: Unique banking needs or impressive business scale? You can build your company's own plan and Qonto will make it happen.

Prices shown for annual billing cycle, VAT excluded.

Does the product portfolio of Qonto lack something you are explicitly looking for? Perhaps, you are looking for a company account in a different price range? Or do you want to find a more powerful solution for your needs? Below, we will provide you with three Qonto alternatives other users found relevant.

Finom is a Dutch financial technology company and an "all-in-one expense management, invoicing and cash flow monitoring solution". It comes at a reasonable price point and is better suited for companies looking to continue using their existing bank accounts. Thanks to Open Banking, you can connect all your banks to your Finom account and enjoy a convenient and complete cash flow overview in a modern UI. Finom also has a free plan available - and that comes with a standalone IBAN, so it's definitely worth a try!

If you're running an online business, rarely receive cash payments and (rightfully so) consider cheques to be as outdated as VHS tapes or fax machines, bunq might just be the bank for you. Latest Dutch fintech unicorn available to businesses all over the EU enjoyed explosive growth in the last years, and it's easy to see why. Affordable plans, up to 25 sub-accounts each with its individual IBAN for easy cash flow management, mobile-first approach and nice features like receiving contactless payments using nothing but your iPhone via Tap to Pay.

Looking for something equally French? Anytime for businesses and professionals might just be up your alley. It can also be considered a "middle ground" between traditional and mobile-first banking, but unlike Qonto, it's leaning more towards the former.

Qonto is best described as a top-notch digital bank that is unequivocally French. What does that mean? Well, despite the last few decades where digitalization worldwide pushed for impersonal, fully online text-based communication, business in France made an impressive effort to resist that. Deals just won't happen without some chit-chat, a few smiles and handshakes here and there. Thus, as the whole world embraced banks' post-COVID efforts to make sure they never need to see you at their branch, French people actually don't seem to mind the chore of going to a bank every month.

On top of this, business banking just wouldn't feel right to a French entrepreneur unless it comes with an absurd amount of paperwork and interactions with notaries, consultants, account managers and other clerks. The amount of manual effort going into this is then used to justify ridiculous fees banks impose on customers.

Surprisingly though, neobanking behemoths like Revolut had a very hard time taking off, despite being way cheaper and ten times more convenient. Which is why the real USP of Qonto is being a "half/half" option for people tired of traditional banks because of how slow they are or how they lack flexibility, but not yet ready to dive deep into mobile-only banking world.

All in all, Qonto might be a great choice in a few cases: if your business has very specific banking needs and wants their bank to be as flexible as possible; if you strongly prefer having a dedicated account manager you can always reach out to; or in case you need to deal with cheque payments (something other digital-first banks rarely get involved with).

Either way, it feels like Qonto found their niche - its audience sits somewhere between two extremes: "Macbook and hoodie" millennial tech entrepreneurs and old-school "pen and paper" businessmen resisting the digital revolution. Do you fit in?