October backs Qonto’s new platform to finance French SMEs
French peer-to-peer lending platform October has expanded its partnership with Qonto, providing a diverse range of finance options to the firm’s small- and medium-sized enterprise (SME) clients.
Qonto, a financial management company, has launched a new platform which will enable its customers in France access to different types of financing, offering greater flexibility in terms of amount and repayment terms.
Read more: SME lender October acquires competitor Credit.fr
October, which specialises in funding for SMEs, supplies the only product available on Qonto that offers a 24-month loan, allowing small businesses to reduce their monthly payments and relieve their cash flow.
Read more October to provide P2P loans through Qonto business accounts
With October integrated directly via an API with the Qonto platform, Qonto customers can borrow up to €30,000 (£26,649) following automated bank transaction analysis and fraud checks. The funds are then made available to their Qonto account in four days. Currently, there are over 40,000 active retail lenders on the October platform in France and Italy.
To access funding via the new platform, French SMEs must be a Qonto customer for at least 12 months; have financial inflows equivalent to at least €100,000 over the last 12 months on the Qonto account; be up-to-date with its repayments; and be headquartered in France.
Read more: October launches new website for October Connect
“With its integrated offering with the Qonto app, October has made affordable long-term loans available to small and medium-sized businesses in just a few clicks,” said Patrick de Nonneville, co-founder and chief executive of October.