Qonto supports the transition to mandatory electronic billing

Many players are currently undertaking a new competitive race on the theme of accompanying the switch to electronic invoicing of companies. Of course, among these players are banks and Fintech. Last example with the French Unicorn Qonto who seeks to mark the spirits by opening his service widely and making him free.

FACTS

• Qonto has just introduced Qonto Billing, its new solution offered free of charge to the professionals concerned by the mandatory switch to electronic invoicing.

• Qonto is thus established as a Partner Dematerialization Platform (PDP) capable of offering a service in accordance with the new regulations.

• Qonto Billing is thus put forward as a platform capable of centralizing all the processes of managing the electronic invoicing of companies:
  • creating and sending personalized quotes and invoices,
  • receipt of supplier invoices,
  • monitoring of payments,
  • Re-launch in one click.

• The service is available free of charge to all professionals with or without a Qonto account, since April 8.

ISSUES

• Complete your offer: Qonto's initiative today represents a new way for the French Fintech, which specializes in offering financial services to professionals to complete its offer while it has just presented another new service related to invoice management. This last More specifically, it concerns the automated reconciliation of invoices issued by service providers subscribed by Qonto's client companies (through the integration of artificial intelligence technology).

• Addressing a need According to figures put forward by Qonto, 50% of entrepreneurs waste time managing their invoices. Moreover, according to a Qonto study conducted with OpinionWay, only 20% of entrepreneurs feel ready to meet the obligation of electronic invoicing and 41% even ignore this reform.

• Entering the race Qonto is positioned with a value-added offer on the specific theme of electronic invoicing. It thus responds to initiatives already taken by more traditional actors such as that ING recently, but also Credit Mutuel Federal Alliance, Agricultural credit, Docapost or COPD.

• Disrupting competition The launch of this new service by Qonto represents an umpteenth illustration of the ever-increasing competition between traditional banking players and FinTechs in multiple markets. The traditional banking services are not the only ones concerned since this extrapolation of competition takes place on the margins of the diversification of the players.

PERSPECTIVE

• According to recently completed and unveiled by Bain & Company, the share of net banking product captured by large traditional banks is likely to decline by 25% by 2030, due to increased competition with FinTechs and other neo-banks.

• The risk is increased due to the French's interest in services offered by alternative actors. Indeed, 78% of French customers use at least one of the services offered by a neo-bank or a FinTech today (e.g. daily bank, savings, payment or cash management). That's 11 more points than in 2021.

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