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French Fintech Qonto Seeks Banking License to Expand Services and Reach 2 Million Clients by 2030

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French fintech company Qonto has applied for a banking license from France’s banking regulator, aiming to broaden its offerings beyond payment services to include lending, savings, and investment products. Founded in July 2017, Qonto currently serves over 600,000 small and medium-sized business customers across eight European markets such as France, Germany, Italy, and Spain.

Operating under a payment institution license, Qonto provides digital banking and financial management tools including invoicing, accounting, card payments, and wire transfers. The company’s goal is to grow its client base to 2 million by 2030.

Qonto has raised over 600 million euros ($705 million) from venture capital and angel investors. The firm has also strengthened its board with banking experts like former UniCredit CEO Jean-Pierre Mustier, who now serves as an independent board member.

A banking license would allow Qonto to develop partnerships and offer its pay-later services with greater autonomy, according to CEO and co-founder Alexandre Prot. This move comes as digital payments continue to grow in Europe, although at a slower pace, with cards still dominating payment values and mobile apps gaining traction.

Palmer Luckey, Backed by Palantir’s Joe Lonsdale, Launching Crypto-Focused Bank Erebor

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Tech billionaire Joe Lonsdale, co-founder of Palantir, announced his investment in Erebor, a new U.S. digital-only bank founded by Palmer Luckey, co-founder of defense tech company Anduril. Erebor aims to fill the gap left by Silicon Valley Bank’s collapse in March 2023, which severely impacted startups and venture capital firms dependent on SVB’s services.

Erebor has applied for a national bank charter and plans to serve tech companies across sectors like artificial intelligence, cryptocurrency, defense, and manufacturing, as well as individuals connected to these industries. The bank’s name, drawn from Tolkien’s The Lord of the Rings, references the Lonely Mountain fortress known for reclaiming treasure.

Headquartered in Columbus, Ohio, with a secondary office in New York, Erebor intends to operate with a digital-first approach. Leadership includes Owen Rapaport and Jacob Hirshman, a former advisor to stablecoin company Circle.

The bank plans to hold stablecoins—a crypto asset class pegged to fiat currencies—to facilitate faster cross-border payments and digital financial services. Erebor aims to become “the most regulated entity conducting and facilitating stablecoin transactions,” signaling its focus on compliance in the evolving crypto banking space.

Besides Lonsdale, Erebor’s backers reportedly include Peter Thiel’s Founders Fund. Neither Luckey nor Lonsdale are expected to be involved in daily operations.

Totvs in Talks to Acquire Linx, Eyes Further Brazil Deals in 2025

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Brazilian software company Totvs SA is actively negotiating to acquire Linx, the retail software unit of StoneCo, and is also exploring other acquisition opportunities within Brazil for 2025, CEO Dennis Herszkowicz told Reuters.

Totvs has pursued Linx since 2020, but StoneCo ultimately acquired the company in a 6.7 billion reais ($1.22 billion) deal. In April, Totvs entered exclusive talks to buy Linx from StoneCo. Herszkowicz said the acquisition would be beneficial given Linx’s leadership in retail software, but emphasized that closing the deal is not essential for Totvs’ growth.

“Totvs is very broad. And our portfolio is very wide. There isn’t one acquisition that solves everything we want to solve,” he said. The accelerating adoption of AI, cloud computing, and other digital technologies is creating multiple acquisition opportunities, which Totvs views as effective growth shortcuts.

While Totvs operates in several Latin American countries, its focus remains firmly on Brazil, which accounts for the majority of its business. Herszkowicz declined to comment on the timing or financial terms of the Linx negotiations or other potential deals.

The CEO also denied reports that Totvs plans to sell its stake in Dimensa, a fintech joint venture with Brazil’s stock exchange operator B3. He confirmed the company has not engaged advisors for such a sale and said no transaction is currently underway.

Totvs intends to fund acquisitions without needing to divest assets, underscoring the company’s strong financial position and strategic flexibility.