Qonto Launches in Austria and Three Other European Markets

The fintech company Qonto has now announced its market entry in Austria, Belgium, the Netherlands and Portugal. The move is intended to meet the needs of SMEs and entrepreneurs in these new markets. The aim is to continue the success in France, Italy, Spain and Germany.

In the European Union, SMEs make up 99% of all companies and provide 100 million jobs. However, their needs for access to banking and financial services are often not met. Qonto aims to expand its business by providing these companies with access to practical banking solutions.

Before the official launch, Qonto conducted in-depth market research

In the Netherlands, the mobile banking rate among SMEs is extremely high at 91%, which, according to Neobank, underlines the desire of local SMEs for digital banking and financial management solutions. In Austria and Belgium, customer satisfaction levels among business customers are particularly low.

Portugal, on the other hand, has experienced remarkable SME growth and a strong entrepreneurial spirit in recent years. However, the local FinTech scene is not as well developed as in this country. This creates a gap in the supply of digital financial services for this developing business ecosystem.

“Since Steve Anavi and I founded Qonto, we have had a clear goal: to develop the leading financial solution for companies in Europe. After our successful market entry here in Germany and also in Italy and Spain, we are very confident about taking the next step on our way to becoming the European market leader. I am very much looking forward to our expansion into Austria, Belgium, the Netherlands and Portugal,” said Alexandre Prot, CEO of Qonto

Before the official launch, Qonto conducted in-depth market research, surveys, analyses and phone interviews with SMEs and self-employed people in all four new countries to develop a detailed understanding of the specific needs and expectations of each market. This included identifying their biggest challenges related to business accounts and financial management, determining the most important financial tools for their needs and gathering insights into their preferred use of their accounts.

In addition, Qonto is working closely with local stakeholders, including chambers of commerce and tech and fintech associations, to ensure that the product offering meets the real needs in the new market.

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(Featured image by Jacek Dylag via Unsplash)

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First published in IT Finanzmagazin. A third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.

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