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  • Payment
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  • France

Qonto Unveils a BtoB-Centric PFM Tool

The French FinTech Qonto proposes a payment account for SMEs, and keeps aiming for diversification as they unveil a new set of management tools (PFM and business expense reports) for their customers. A series of other launches would also be planned for 2018, including short-term financing solutions. And, their development process could lead them to start addressing other European markets in Q2 2018.

Qonto introduces a set of budget management tools for SMEs and self-employed customers. These services are described as easy to use and transparent. The PFM feature is accessible from a collaborative interface, where several aspects can be configured (authorisations, expenses' reports and categorisation, data exports to streamline accounting management processes, etc.).

This FinTech also plans to propose a predictive cash management tool early in 2018. They are building an algorithm intended to help businesses predict the health of their cash flow, as can be found for individual customers.

Other skills could be integrated as well by way of diversifying their set of offers: factoring, insurances and credits, for instance. In line with their predictive algorithm, Qonto could be proposing short-term financing services too in the coming months.

Comments –  Qonto: a BtoB-only approach

Qonto still stresses SMEs' dissatisfaction with typical banking services and opted for a BtoB approach from the start, with their dedicated account management offer. First, they proposed an online current account for SMEs, together with one or more Mastercard cards (systematic authorisation applies). Their pricing policy is quite aggressive: 9 euros per month for self-employed workers, 29 euros for SMEs, and up to 99 euros for larger companies (including 5 cards and 500 credit transfers per month).

When it comes to compliance, this FinTech partnered with the EMI Treezor. It took them 6 months to attract 2,500 customers, but they are confident they will grow fast, as other partnerships are underway. In addition to Station F, they just announced an agreement with the co-working service WeWork, whose members can now enjoy a welcome pack from Qonto. Partnerships are also in place with Kantox (international credit transfers) and with iZettle (mPOS solutions).

Qonto intends to reach out for Europe in 2018, as requests from Belgium, Switzerland, Italy, Germany and Spain are being mentioned.