Is Qonto safe? Payment institution status, safeguarding and the banking licence application

In short: Qonto is a payment institution authorised and supervised by the French regulator, the ACPR, so it must keep its customers' money separate from its own and safeguard it. It is not a bank, so your balance is not directly covered by the French deposit guarantee in the way a bank account is. Qonto applied for a French banking licence in 2025; that would change the picture only once a licence is granted and Qonto tells customers.

Who holds your money

Qonto's legal and security pages describe the company like this:

A payment institution can hold your money to make payments, issue cards and run an account, but it cannot take deposits in the legal sense or lend from them. That is why the protection works differently from a bank.

How safeguarding works at Qonto

Qonto says that "the entirety of the funds collected from our customers is safeguarded in compliance with the relevant legislation", and that this covers 100% of client funds under arrangements authorised by the ACPR. In practice, the money sits outside Qonto's own balance sheet in three ways:

• Deposits at partner banks. Qonto names Crédit Mutuel Arkéa, Natixis, Société Générale and Rothschild Martin Maurel.
• Units in funds set up to safeguard client money, backed by standalone guarantees from Crédit Agricole CIB and BNP Paribas.
• Occasionally, qualified money market funds, whose units are held by Société Générale.

What happens in different failure scenarios

Qonto's help centre walks through what would happen if one of the parties failed:

Qonto calls these scenarios extremely unlikely. The important distinction is between Qonto failing, where safeguarding is meant to keep your money out of the insolvency, and a partner bank failing, which is where the €100,000 FGDR cover comes in.

Where the deposit guarantee fits in

The FGDR's own list of covered products says that money held on electronic support and payment cards issued by a payment institution is not covered by the deposit guarantee. So your Qonto balance is not protected in the same way as a current account at a French bank. The FGDR cover Qonto mentions applies only to the part of client money that Qonto holds at a partner bank, and only if that bank fails.

For comparison, this is what the FGDR guarantees for customers of a French bank:

• up to €100,000 per client, per institution, with all accounts at the same bank added together,
• businesses such as SA, SARL and EURL, and associations, are covered as well as individuals,
• money is generally available within 7 business days, but the payout is triggered by the ACPR after a bank is declared in default, and you need an account at another bank to receive it.

Our guide Is my money safe in a neo bank? explains safeguarding and deposit guarantees side by side for all providers on this site.

The banking licence application

Qonto applied to the ACPR for a French banking licence in 2025, when it had more than 600,000 customers. Qonto said a licence would let it offer services such as lending, savings and investment. We found no announcement that the licence has been granted. Until Qonto announces it and updates its terms, the payment institution rules above apply.

Security features in the app

For a business account, day-to-day risks such as phishing and card fraud usually matter more than an insolvency. Qonto lists:

• Strong Customer Authentication for sensitive operations, approved through a notification on the one phone linked to your profile; Qonto says SMS codes alone are "not enough" because of SIM-swap risk,
• 3D Secure on online card payments, through Mastercard,
• Verification of Payee, which checks the recipient's name against their account before a transfer,
• instant card blocking, spending limits and virtual cards whose number renews for every new transaction,
• approval workflows for large expenses and adjustable team permissions,
• 24/7 monitoring and support by chat, email or phone.

Qonto's help centre says Qonto "will never contact you to ask you to validate card transactions or make transfers". Do not share your IBAN, card numbers, passwords or other details with a caller, and hang up if someone claiming to be Qonto pushes you to approve a payment. Qonto states that cards with fraud insurance cover fraudulent purchases and withdrawals after loss or theft up to €3,000 per year, per cardholder, with no excess; Qonto's security page links this insurance to the Plus and X cards, so check your card's terms.

How to check for yourself

1. Look up Qonto SA or number 16958 in the public register of firms authorised by the ACPR.
2. Read the legal centre for your country of registration: Qonto says only that version has contractual value.
3. If you hold large balances, ask Qonto how your funds are split between partner banks and guaranteed funds, and consider keeping part of your treasury at a bank covered by a deposit guarantee.
4. Watch for an announcement on the banking licence and any new account terms.

Summary

Qonto is a regulated payment institution with full safeguarding of client money, spread across major French banks and bank guarantees. That is not the same as a deposit guarantee on your balance, which matters most for businesses holding large sums.

See plans and fees on the Qonto page, read Qonto plans explained, or compare providers available in France in our neo bank comparison.

Sources

• Qonto: We protect your professional account (security)
• Qonto Help: How are my funds protected?
• Qonto Help: How is the access to my account secured?
• Qonto Help: Do you think you are the victim of a fraud via a phone call (phishing)?
• Qonto Help: What is the fraud and phishing insurance coverage protection on the cards?
• Qonto Legal Center
• Qonto Legal Center (France)
• FGDR: Explanatory leaflet on the deposit guarantee (PDF, French)
• FGDR: List of covered and non-covered products (PDF, French)
• Tech.eu: Qonto applies for French banking licence, tops 600,000 customers

Prices and features checked on 2026-11-03.

This guide is general information, not financial advice. Fees, features and availability change, so check the provider's own website before you apply. Read how we compare providers and our affiliate disclosure.