By using its current payment service license, Qonto is able to offer short-term financing to qualified consumers through a feature called "Pay later," which allows them to instantly access cash up to €10,000 using the Qonto app.

When authorized, the money is immediately available on the client's Qonto account using the purchase now, pay later option, and it is repaid with an interest rate of 1.17 percent each month. Repayment is due in three automatic installments over a period of ninety days, starting thirty days following the invoice purchase date.


With this launch, the business—which has up until now relied on strategic alliances to finance its clients—marks a new turning point. By the end of 2025, Qonto hopes to have served one million European SMEs and independent contractors as their go-to source for business financing solutions. The launch of Pay later is another step toward that goal.


"Offering our first in-house financing solution is a big milestone for Qonto – and our customers," said Alexandre Prot, CEO and co-founder of the company. Our mission is to provide freelancers and SMEs in Europe with all the tools they need to run their businesses smoothly, including online company accounts, bookkeeping, invoicing, spend management, and financing.

"With Pay later and our finance platform, we're happy to provide a comprehensive answer to the genuine need for funding among European enterprises. With the introduction of Pay later, we will have taken a big step toward our objective of by the end of 2025 being the go-to source for business finance for one million freelancers and SMEs in Europe.
 

Through strategic partnerships, the new solution, which is available through Qonto's mobile and online apps, enhances the finance platform that was released in 2023 and provides consumers with access to a wide choice of financing options that disburse amounts up to €10 million.

Enhancing Europe's Financial Accessibility

The Qonto financing platform was introduced by Qonto in 2023 in each of its four territories (France, Germany, Italy, and Spain). Nearly 8,000 initiatives totaling nearly €60 million have already received financing during the course of the previous year.
 

Qonto hopes to give businesses more financing options that cater to the diverse demands of its clients by introducing this short-term financing product. With its new Pay later service, it enhances what partners on the financing platform are already offering (Defacto, Kintai and Bankable in Spain; Faicredit and Viceversa in Italy; and Defacto, Silvr, Karmen, Edebex, and Riverbank in France).

One of the main issues facing European SMEs, according to the European Commission, is securing financing. Twenty-one percent of SMEs cited "financing problems" as their top business difficulty in 2023.
 

Similar findings are presented in a Qonto report on the status of European SMEs that was released at the end of 2023: Regarding their ability to secure funding in 2024, 23% of SMEs polled expressed a "pessimistic" or "very pessimistic" outlook. The goal of Qonto is to consistently satisfy the changing needs and desires of its clients. Qonto hopes to satisfy the growing demand for SME finance in France, Italy, and Spain with the launch of Pay later.