To what extent are Qonto's activities regulated and monitored?
Qonto is the trade name of Olinda SAS. Olinda SAS is a payment institution (code no. 16958) under the supervision of the French Prudential Control and Resolution Authority (ACPR), attached to the Banque de France (find out more).
We are therefore supervised (and are subject to regular controls) by the same authority as all French banks: the ACPR.
How does Qonto ensure the security of my deposits?
Your money is safe because the funds deposited in your Qonto account are totally separate from its cash flow.
They are partly “segregated” in the books of Crédit Mutuel Arkéa, and the other part is invested in qualified money market funds, the units of which are held in the books of Société Générale, according to our legal and regulatory obligations.
This means that no one but you has access to your money. Neither Qonto nor anyone else can use or invest your company's money.
But what would happen in the event of bankruptcy?
Neither Qonto nor any of its banking partners have any plans to go bankrupt. These scenarios are extreme. However, please be aware that your funds are also protected if this were to happen:
If Qonto were to go bankrupt: the money deposited in Qonto accounts is isolated from our cash flow. If we were to go bankrupt (which again, is an extreme scenario), your funds would be returned to you in full.
In the event of the bankruptcy of Société Générale: the units of the qualified money market funds in which your funds are invested are held in a securities account separate from the bank's assets. The latter is bound to return them to the holder, in this case Qonto, even in case of bankruptcy. The scenario of Société Générale going bankrupt is unlikely: it is one of the largest banking groups in France.
In the event of the bankruptcy of Crédit Mutuel Arkéa: your funds are guaranteed by the French Deposit Guarantee and Resolution Fund (FGDR, the French general interest association whose mission is to protect customers in the event of bank failure) for up to €100,000 per client. The scenario of Crédit Mutuel Arkéa going bankrupt is unlikely: it is also one of the largest banking groups in France. Moreover, this €100,000 guarantee is the same for all European credit institutions. This means that you benefit from the same level of guarantee for your funds as a traditional bank (such as BNP Paribas or Crédit Agricole, for example).