Qonto review

What is Qonto?

Qonto is a “neobank” built for the digital era, operating exclusively online without any physical branches. This digital approach translates into cost savings and efficient financial management capabilities. Founded in 2017 in France, Qonto has rapidly gained traction in the business market, serving over 150,000 business customers globally.

One of its notable achievements was obtaining regulatory approval from the French Prudential Authority in 2018, ensuring the safety of users’ funds. Whether you’re seeking a banking partner for seamless collaboration with freelancers and contractors in the digital landscape or aiming to declutter your financial statements, Qonto stands as a compelling choice. This French banking innovator is poised to make a significant impact in the financial sector.

Business Account Features

At the core of Qonto’s offering are its all-in-one business accounts. These current accounts eliminate concerns about interest rates and come with a range of features, including:

• Easy access to local IBAN numbers for freelance work.
• Mastercard cards and additional payment methods.
• Real-time, unlimited transaction history.
• Transparent fee structure with no hidden charges.
• Regulatory oversight by the ACPR.
• A 100% online platform that minimizes fees.
• Streamlined money transfer approvals.
• Flexible, commitment-free account options.

In addition to these core features, Qonto’s business accounts offer robust accounting capabilities. Users can digitize receipts and leverage an automated calculator for VAT calculations by simply scanning a receipt. Qonto also facilitates communication with accountants and integrates seamlessly with existing accounting applications.

Furthermore, businesses can order MasterCard cards for team members, generate transaction and expense reports, and set transaction limits for all cards. For existing business account holders, switching to Qonto is a straightforward process with expert guidance at every step.

Company Creation and Services

Qonto’s unique feature set includes company creation services, allowing users to establish a comprehensive ecosystem of financial accounts for their entire team. The process is user-friendly, enabling the swift setup of shareholder, personal, or company accounts for team members.

Qonto facilitates the pooling of capital from various team members and streamlines company registration with relevant authorities. Pricing is transparent, with options like the 12-month subscription, which costs approximately 139 euros in the first year.

Qonto’s services extend beyond standard business accounts, encompassing various physical and virtual card options for team members. Users can tailor card limits and access additional features such as cash withdrawals and insurance.

Additional Qonto services include:

• Money transfers: Facilitating secure transfers across Europe and globally, simplifying supplier and contractor payments.
• Payroll management: Streamlining payroll processing by integrating HR software data with Qonto accounts.
• SEPA direct debits: Enabling direct debit payments for taxes, contributions, and ongoing expenses.
• Check acceptance: Allowing businesses to accept checks as a form of payment.
• Digital payment options: Integration with Apple Pay and Google Pay, as well as access to payment terminals via Zettle.

Qonto Accounting

Accounting with Qonto is a straightforward and efficient process. Users can effortlessly upload digital and paper receipts and set up automations to track various costs. Qonto’s aim is to simplify bookkeeping by seamlessly connecting with existing tools used to manage essential accounts.

Users can match receipts to transactions by taking a photo, forward digital receipts to Qonto for automatic matching, and leverage the automated VAT calculation feature. Qonto takes the hassle out of transaction classification and management, even sending receipts and reminders to employees who haven’t submitted expense receipts promptly.

With approximately 80 integrations with different accounting tools, maintaining connections with accounting professionals is a breeze. Qonto’s “Connect” solution allows users to establish secure connections with partners like Stripe, Sellsy

, Tiime, Acasi, Sage, and more.

Qonto Financing and Savings

Qonto goes beyond traditional banking, offering options to borrow money for business needs. Partnering with a leading European lending platform, October, Qonto provides choices between classic and State-guaranteed loans. These loans are tailored to individual needs and can reach up to 30,000 euros.

The application process is straightforward, with a quick decision-making system based on past transaction history. Typically, funds are disbursed within four days. To be eligible, users should meet specific criteria, including having an account with Qonto for over 12 months, an annual turnover exceeding 100,000 euros in their Qonto account, a headquarters in mainland France, and no recent insolvency proceedings.

In addition to loans, Qonto offers savings accounts to help businesses grow their funds through flexible investments. Users can manage investments easily within their Qonto account, with options ranging from high-risk, high-yield investments to safer alternatives.

Available investment options include term deposits and securities accounts for participating in financial markets. These investments are secured and guaranteed by leading French authorities. Users can define the investment duration, with interest rates fixed for the entire period. Flexibility is key, as users can open multiple term deposit accounts for customized outcomes. Additionally, Qonto allows for cash withdrawals within 31 days of initiating a fixed-term deposit.

Qonto Pricing

Choosing the right financial solution can be challenging for startups and SMEs, especially when it comes to understanding associated fees. Qonto categorizes its pricing based on user profiles, including self-employed individuals, SMEs/startups, and business creators.

For self-employed users, Qonto offers three pricing tiers:

1. Basic: Priced at 9 euros per month, it includes 30 SEPA transfers and direct debits, 7-day support, and one membership with a business card.

2. Smart: Priced at 19 euros per month, it includes all Basic features, plus accountant access, 2 cashed checks, 60 SEPA transfers and direct debits, digital receipts, VAT auto-detection, multiple accounts, and bank transfers.

3. Premium: Priced at 39 euros per month, it includes all Smart features, along with 100 SEPA transfers and direct debits, 5 checks, and priority customer support.

All plans provide access to the iOS and Android mobile apps to facilitate expense management tracking.

For SMEs and startups, Qonto offers the following pricing options:

1. Essential: Priced at 29 euros per month, it covers 2 members, 100 SEPA transfers, 3 cashed checks, 5 accounts with unique IBANs, a bookkeeping pack, role management, and access control.

2. Business: Priced at 99 euros per month, it includes all Essential features for 5 members, 100 SEPA transfers, 10 accounts with individual IBANs, 10 cashed checks, advanced role management, and team expense tools.

3. Enterprise: Priced at 249 euros per month, it offers all Business features for 10 members, 1000 SEPA transfers, 15 cashed checks, unlimited accounts with individual IBANs, a bookkeeping pack, and advanced role management.

For business creators, Qonto provides the following pricing plans:

1. Basic Pack: Priced at 149 euros per month, it includes 1 user and 1 business MasterCard, 30 SEPA transfers, and capital deposit within 72 hours.

2. Smart Pack: Priced at 249 euros per month, it offers 1 user and 1 business MasterCard, 60 SEPA transfers, 2 cashed checks, bulk transfers, and advanced accounting.

3. Essential Pack: Priced at 349 euros per month, it encompasses all Smart features for 2 users with 2 business MasterCards, role management and access, and advanced accounting.

Qonto Review: Verdict

Compared to traditional banks, Qonto emerges as a flexible and API-friendly financial institution with regulatory oversight. Its exceptional mobile banking capabilities, expense tracking notifications, and user permissions make it a compelling choice for businesses.

While currently available in select countries including France, Spain, Italy, and Germany, user reviews attest to Qonto’s effectiveness and advantages. In a landscape where alternative banking solutions are on the rise, Qonto stands out as a powerful digital bank, offering much more than standard banking features.

If you seek a payment institution that transcends traditional banking, Qonto could be the revolutionary solution you’ve been searching for.