Qonto rolls out its in-house financing offer 'Pay later'

Pay later is accessible from Qonto's mobile and web apps and complements the financing platform Qonto launched in 2023 through strategic partnerships. With Pay later and the existing partner offers on the platform, Qonto customers now have access to a comprehensive range of financing solutions that dispense amounts up to EUR 10 million.

This launch is another important milestone for the company, which has so far relied on strategic partnerships to provide financing to its customers. The launch of Pay later marks another step in Qonto’s ambition to become the business finance solution of choice for 1 million European SMEs and freelancers by the end of 2025.

Fast short-term financing to pay invoices

Pay later is a short-term financing offer (Buy Now, Pay Later) that gives eligible customers instant access to funds of up to EUR 10,000, directly from the Qonto app. The interest rate is 1.17%/month and the repayment period begins 30 days after the invoice purchase, consisting of 3 automatic instalments over 90 days.

In 2023, Qonto launched the Qonto financing platform across all 4 of its markets (France, Germany, Italy and Spain). Over the past year, almost 8,000 projects have already been financed for a total amount of almost €60 million.

An increasing need for financing

According to the European Commission, access to financing is one of the major challenges faced by European SMEs: in 2023, 21% of small- and medium-sized companies reported ‘problems with financing’ as a main challenge for their business. A Qonto report on the state of European SMEs, published at the end of 2023, shows similar results: 23% of surveyed SMEs felt ‘pessimistic’ or ‘very pessimistic’ about their access to financing in 2024. 

Qonto’s ambition is to always meet its customers’ evolving needs and demands. With the launch of Pay later, the company aims to address the increasing need for SME financing in France, Italy, and Spain.

What does Qonto do?

Qonto is a European business finance solution with over 450,000 customers. The company makes day-to-day banking easier for SMEs and freelancers by offering an online business account combined with finance tools, such as invoicing, bookkeeping, and spend management.

Founded in 2016, it operates in 4 European markets (France, Germany, Italy, and Spain), and employs more than 1,400 people. To date, Qonto has raised EUR 622 million from investors.