How does Qonto gets regulated and controlled?
Qonto is a trademark owned by Olinda SAS, a privately held company that has been entitled to a fully-fledged Payment institution license (#16958). It is operating under the supervision of ACPR (Autorité de Contrôle Prudentiel et de Résolution), and cooperating closely with the Banque de France and relevant government agencies (learn more).
Qonto is therefore supervised by the same authority as all the French banks: the ACPR, and is subject to regular controls and compliance checks.
Is the money from my Qonto account placed on the financial markets?
The money on your Qonto account is securely confined on a deposit account held by Credit Mutuel Arkéa, our Credit Institution, and your funds are therefore totally separated from Qonto’s own finances.
This means that your money is not placed on the markets and that only you can access the money on your Qonto account.
Would you recover the money from your account if Qonto went bankrupt?
Both Qonto and Credit Mutuel Arkéa have no intention to go bankrupt whatsoever. Such a case scenario is very extreme and is highly unlikely, to say the least.
However, you should know that even in such an adverse situation, your funds would be protected:
In the event of Qonto’s bankruptcy: the money from your account is completely isolated from our own financial resources. So even if Qonto ran out of money and had to declare bankruptcy, your funds would be fully returned to you.
In the event of Crédit Mutuel-Arkéa’s bankruptcy: your funds are protected by the FGDR (Fonds de Garantie des Dépôts et de Résolution), the public interest organization whose mission is to protect the customers in case of failure of banking institutions, up to 100.000€. That being said, it’s highly unlikely that Crédit Mutuel Arkéa would go bankrupt as it counts among the top-tier banking groups in France. Since we are operating under the same set of regulations as Qonto, you are protected under the same policies as any other traditional bank in France (such as BNP Paribas, Société Générale, etc.). Fonds de Garantie des Dépôts et de Résolution (FGDR) up to 100.000€ per client in case of the escrow institution bankruptcy.