Qonto Business Bank: Review (2023)

Qonto is an up-and-coming French fintech headquartered in Paris, France. Born "out of frustration with a lack of options", the bank's mission is to reinvent business banking by using design and technology to give entrepreneurs the best possible banking experience. Geared towards young and ambitious startup founders, business owners and digital entrepreneurs, the company aims to make their clients' day-to-day banking easy, while still providing a banking product that is on par with what is offered by traditional "brick-and-mortar" banks.

Being a relatively young challenger, you might be wondering if Qonto has what it takes to satisfy the banking needs of new-age digital entrepreneurs, freelancers and SMEs (also called "banks for professionals" in France). In this Qonto bank review we aim to provide you with exhaustive and up-to-date information so you can make an informed decision on whether opening a bank account at Qonto is the right choice for you and your business.

Find out more about Qonto and alternatives to Qonto by viewing featured articles that mention this bank available at Fintech Compass:

• Best Online & Mobile-first Banks for Freelancers

Qonto Basic is aimed at self-employed workers and digital entrepreneurs. As Qonto's entry-level plan, Basic is a solid collection of essentials for managing your activity as a self-employed worker. With rich localization options and business-first focus of Qonto, Basic is a modern and secure way to solve your business banking needs at a very reasonable price point.

Premium is Qonto's top-of-the-line subscription for freelancers and entrepreneurs. Impressive package of features, great mobile app and a very reliable banking infrastructure make this plan a very attractive proposition for professionals looking for the ultimate solution to their business banking needs. This plan is a great "middle ground" if you want to reap the benefits of both digital and "traditional" banks.

Business bank accounts offered by Qonto can also be found in our selection of "one-to-one" comparisons between the best plans currently available on the market. Please find these detailed comparisons below:

• bunq Easy Bank vs Qonto Basic
• Qonto Basic vs Anytime Start

Bank accounts for business banking by Qonto vary quite significantly both in the range of features available, business types they target, and, of course, in price. Find a detailed breakdown of all Qonto plans offered to businesses in our comparison table below.

Advantages

Disadvantages

Does Qonto offer real bank accounts suitable for operating a business?

Olinda SAS (the payment institution using "Qonto" as a trade name) that is regulated and is overseen by the French Prudential Control and Resolution Authority (ACPR). This authority is representing Banque de France and supervises all of the French banks. Qonto routinely undergoes finanical and IT audits by the regulators and is subject to countless types of reporting and scrutiny. As an additional legal requirement, all user deposits (up to €100'000 per customer) are insured by the French Deposit Guarantee and Resolution Fund (FGDR). This ensures that the funds in your Qonto accounts are 100% safe at all times.

Can I use Qonto bank accounts if my business deals in crypto?

In case your businesses' main activities involve storing, purchasing or exchanging digital assets (cryptocurrencies, NFTs and other non-fiat assets), you can still use Qonto. However, you would only be able to use the bank account for your administrative expenses, such as making salary payments to employees, paying your company's bills, etc. Unfortunately, you would not be able to use your Qonto bank account for transactions to and from customers and/or payments that incur as a consequence of operating platforms used to distribute these assets.

Who can open a Qonto bank account from the organisation?

You can apply to register your Qonto bank account as one of the following: company's director; an association or cooperative's chairman; or in case you have a proxy.

Can you have virtual cards at Qonto?

Yes, Qonto customers can get an unlimited number of Mastercard debit virtual cards. These cards support contactless payments, Apple Pay and Google Pay, so you can use them both online and in physical stores. Keep in mind, however, that there is a spending limit of €20'000 per month per card.

What are Qonto Flash cards?

Flash cards are disposable virtual Mastercard debit cards that aim to be the perfect solution for teams' one-off expenses. Using flash cards enables you to streamline the payment experience for standalone purchases. You can set a budget and a duration specific to the exact need, whether it's covering the employee travel expenses or paying for a dinner with your colleagues. Using Flash cards, it is also possible to pay online or offline by adding it to Google Pay / Apple Pay. Flash cards expire automatically on the date chosen when setting one up, so you do not need to worry about disabling one after you succeed with your transactions. Flash cards offer the same insurance, assistance benefits, and billing as Qonto One cards.

Does the feature set 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.

Qonto is a typical French bank. Despite the recent worldwide push for impersonal, fully digital and text-based communication, business in France just doesn't happen without some chit-chat and a few smiles and handshakes here and there. Which is why the real USP of Qonto is being a "half/half" option for people tired enough of traditional banks because of how slow they are or how they lack flexibility, but not yet ready to dive deep into mobile-first solutions other banks we reviewed already.

All in all, Qonto might be a great choice in a few cases: if your business has very specific needs regarding banking and wants to see the bank as flexible as possible; if you highly prefer having a dedicated account manager; or in case you deal a lot with cheque payments (something other digital-first banks rarely get involved with). Either way, it feels like Qonto found their niche - it's just between the "laptop and hoodie" millenial tech entrepreneurs and old-school "pen and paper" businessmen who are soon to retire. Do you fit in?