The French fintech company Qonto, which provides payment solutions for small businesses, has decided to adopt a more measured growth strategy compared to its earlier plans, according to Philippine Rougevin-Baville, the company's general director for Western Europe. Speaking to AFP during the opening of Qonto's new Paris headquarters, she said, "We are not pursuing absolute hypergrowth anymore; this is no longer our objective." Originally aiming for 2,000 employees, the company now has 1,700, falling short of its earlier target. Qonto, which operates in eight countries, is now focusing on offering more products to its existing customer base and targeting larger businesses, which are fewer in number compared to its traditional customer base of independent small and medium-sized enterprises. Qonto claims to have 750,000 customers, with the majority based in France, and it still aims to reach one million customers, although it has not set a specific timeline for achieving this goal. According to Rougevin-Baville, the company is financially stable and has enough capital to continue its development without needing to raise additional funds or consider a stock market listing in the near future. "All the indicators are green," she said, emphasizing the company's strong financial position. Founded in 2017, Qonto became France's largest unicorn—a term used to describe privately held startups valued at over $1 billion—early in 2022 after securing a massive funding round of 486 million euros, which valued the company at 4.4 billion euros. Since then, Qonto has expanded into Germany by acquiring the financial services company Penta and later acquired the French company Regate, along with its client base of accountants. However, Qonto has faced challenges in Italy, its third country of operation, where it had to pause its expansion for over a year due to complex regulatory relations. Qonto has also submitted an application for a banking license in France, which would be issued by the Prudential and Resolution Authority (ACPR) and would allow the company to offer a broader range of financial products. Rougevin-Baville said the process is progressing well and hopes for a positive response in the coming months. She also noted that the current rise in interest rates is not negatively impacting the company’s financial health, as long as it does not affect its customers. "Today, we do not see more defaults from our customers than we did two years ago," she added, nor have there been fewer new businesses being created.