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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.

X to Report First Annual Ad Revenue Growth Since Musk’s Takeover

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Elon Musk’s social media platform X is on track to achieve its first year of advertising revenue growth since Musk acquired the company in 2022. Data from research firm Emarketer, released on Wednesday, suggests that X’s U.S. ad revenue will increase by 17.5% in 2025, reaching $1.31 billion, while its global ad sales are expected to rise 16.5%, totaling $2.26 billion. This growth marks a significant turnaround for the platform, which had struggled to attract advertising revenue following Musk’s acquisition.

Factors Driving Growth

The growth in ad revenue is partly attributed to the return of brands to the platform, bolstered by Musk’s growing influence, particularly within the U.S. Department of Government Efficiency. Jasmine Enberg, principal analyst at Emarketer, noted that some of the growth is driven by a sense of caution, with many advertisers viewing spending on X as necessary to mitigate potential legal or financial risks.

X has also successfully attracted more small- and medium-sized businesses, which had historically been a challenge for the platform to engage. This shift in advertiser behavior is a positive sign for X as it seeks to rebuild its advertising revenue stream.

Industry Competition and Economic Uncertainty

Despite the growth, X’s advertising business remains smaller than it was when Musk took over, as Emarketer’s data points out. In 2021, prior to Musk’s acquisition, X reported ad revenue of $4.51 billion as a publicly traded company. Even with the projected growth in 2025, X’s ad business still lags behind its previous levels.

In the broader social media landscape, platforms like Meta-owned Instagram and TikTok are competing for a larger share of the ad market. However, the overall advertising market could be impacted by factors such as U.S. tariffs and ongoing economic uncertainty. Research firm MoffettNathanson recently revised its U.S. advertising growth forecast, lowering it from 6.9% to 5.8%, citing the disruptive changes brought on by the new administration.

Outlook for X

Despite these challenges, X’s hiring of NBCUniversal’s former advertising chief, Linda Yaccarino, as CEO in 2023 signals a strategic effort to revitalize its ad business. As X looks to grow its advertising revenue, the platform is focusing on broadening its advertiser base and navigating the complexities of an uncertain economic environment.

Four Russians Arrested in Phobos Ransomware Crackdown, Europol Reports

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Europol announced on Tuesday that four Russian nationals, suspected of deploying a variant of Phobos ransomware, have been arrested following a coordinated international law enforcement operation. The group, identified as the 8Base ransomware gang, extorted payments from victims in Europe and across the globe.

Coordinated Effort:

The arrests were the result of a collaboration involving law enforcement agencies from 14 countries. Along with the arrests, authorities seized 27 servers linked to the gang’s criminal operations, effectively dismantling part of the network. This action forms part of a broader series of successful operations targeting Phobos ransomware. Thanks to previous arrests, law enforcement agencies have also been able to warn over 400 companies worldwide about imminent ransomware attacks.

Prior Arrests and Impact:

In June 2024, a Phobos administrator was arrested in South Korea and later extradited to the United States in November, where he faces charges related to ransomware attacks on critical infrastructure and businesses. Another significant arrest occurred in 2023 when a key Phobos affiliate was apprehended in Italy based on a French arrest warrant, further disrupting the gang’s activities.

Phobos ransomware primarily targets small to medium-sized businesses, which are often vulnerable due to weaker cybersecurity defenses.