War for Savings: Qonto, the Revolut for SMEs, will offer deposits in Spain in 2027
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More pressure on deposits for traditional banking. The war to attract savings is intensifying and has forced Santander to make moves, as it already pays 2.75% to some selected private clients. But the battle will also shift to the business segment, with the arrival of a new player: Qonto, considered the Revolut for SMEs, which is already preparing to launch deposits in 2027. Qonto, a financial management platform for SMEs and freelancers, has 750,000 clients in Europe and sees Spain as one of its reference markets. So much so, that it is finalizing its expansion in the country and awaits the green light from the ECB to operate with a banking license. At that moment, expected no later than the beginning of next year, it will boost savings attraction and launch into SME financing, as anticipated by Maxime Laot, Qonto's Chief Risk & Compliance Officer, in statements to Vozpópuli. The SME business is one of the most valuable segments in banking. These companies typically operate with an average of three to five banks, with which they maintain their daily activity and allows them access to financing. In Spain, there are around three million SMEs (with or without employees). CaixaBank concentrates more than 30% of the business, while Santander and BBVA declare shares of 20% and 15%, respectively. Sabadell's business in this segment, at 10%, is considered the entity's crown jewel...
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