Interview of 🔥 Alexandre Prot🔥CEO Qonto

Summary

In this Paris Fintech Forum interview, Conto CEO Alex Pro discusses the company's growth as a business banking startup unicorn, crossing 500,000 customers and expanding across Europe. Pro highlights Conto's strategic acquisitions, product development, and the importance of agility with a growing team. He also addresses Conto's financial means, potential for acquisitions, and the balance between building, partnering, and buying. Pro shares his vision for the future of finance, emphasizing the impact of generative AI, the need for cautious regulation in Europe, and Conto's commitment to sustainability and serving the SME market.

Takeaways

• 📈 Conto, a business banking startup, has grown significantly since its launch in 2017, reaching over 500,000 customers and expanding across Europe with a strong presence in France, Germany, Italy, and Spain.
• 💼 Conto has a diverse team of 1,600 employees and has achieved growth organically and through acquisitions, including Penta in Germany and Regate in France, which have helped to strengthen its financial tools and ecosystem.
• 💰 Conto has substantial financial means and is considering M&A opportunities cautiously and smartly, focusing on both strengthening their product offerings and geographical expansion.
• 🏦 Conto currently holds a payment institution license from the European Union, allowing it to operate across Europe and enabling it to provide a range of financial services without the need for a full banking license.
• 🌟 Conto aims to become an all-in-one financial workspace for small and medium businesses, offering services from business accounts to invoicing and pre-accounting topics.
• 🔮 Conto is looking towards the future with potential profitability by 2025 and considering an IPO as an option, depending on market conditions and business growth.
• 🤖 The company is actively exploring the use of AI for various aspects of its business, including customer support, fraud detection, and business management tools.
• 💡 Conto's CEO, Alex Pro, emphasizes the importance of maintaining the company's agility and efficiency even as it grows, focusing on customer satisfaction and team building.
• 🌍 Alex Pro believes that Paris is currently the best place in Europe to start a fintech or neobank, highlighting the city's growing reputation as a tech and financial hub.
• 💼 The future of finance, according to Conto, includes a focus on sustainability, with the company setting goals to reduce its carbon footprint and ensuring responsible use of customer deposits.
• 📉 Conto is cautious about over-regulation in Europe, especially concerning AI and fintech, advocating for a balanced approach that fosters innovation while ensuring consumer protection.

Q & A

What is the current status of Conto's business growth?

Conto has been growing quite nicely since its launch in 2017, recently crossing the milestone of 500,000 customers and expanding its presence across Europe, particularly in France, Germany, Italy, and Spain.

How has Conto expanded its business?

Conto has grown both organically and through acquisitions, such as the acquisition of Penta in Germany about two years ago and Regate, a French fintech, in March 2024, which strengthened its financial tools and connection with accountants.

What is the size of Conto's team currently?

Conto has reached a team size of 1,600 employees, emphasizing the importance of building a diverse and agile team despite the challenges of managing a larger workforce.

What was the purpose behind Conto's acquisition of Regate?

The acquisition of Regate was aimed at enhancing Conto's financial tools and establishing a direct link with accountants, who are important stakeholders for Conto's ecosystem.

How does Conto plan to use its substantial financial means?

Conto is considering M&A opportunities cautiously and smartly, focusing on strengthening its product offerings and geographical expansion in Europe, without necessarily committing to a large number of acquisitions.

What is Conto's stance on obtaining a full banking license?

Conto currently holds a payment institution license, which allows it to operate across the European Union. It has chosen to use this license to its fullest extent for now, focusing on serving its clients well and considering a full banking license in the future if needed.

What is Conto's projected timeline for profitability?

Conto expects to become profitable in 2025.

Is an IPO a consideration for Conto?

An IPO is an option for Conto in the future, but it is not the only option. The company wants to keep the possibility open, depending on market conditions and business needs.

How does Conto maintain the same drive and spirit as on day one?

Conto's founders and leadership team are energized by their mission to serve entrepreneurs and small businesses, focusing on customer feedback, team building, and enjoying the daily work of solving business pains.

What is Conto's approach to sustainability and environmental impact?

Conto has set concrete goals to reduce its carbon footprint per employee by 5% per year and is working on improving travel policies, server usage, and ensuring its customer deposits are used responsibly.

Where does Conto's CEO, Alex Pro, see as the best place to start a fintech or Neo bank in Europe currently?

Alex Pro believes that Paris is the best place to start a fintech or Neo bank in Europe right now.