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French fintech Qonto is talking to investors about a sale of existing shares that could value it at €5bn, the latest of such deals as companies seek to reward employees and early backers in the face of a weak market for listings.

The neobank has been exploring selling at least €200mn in stock held by employees and early investors and has held discussions with several funds, according to people familiar with the matter.

Qonto, already one of France’s most valuable technology companies, is seeking a valuation of about €5bn, the people said. But they cautioned that no price had been set yet, and said it was unclear if any agreement would be reached. 

Qonto was last valued at €4.4bn during a 2022 funding round in which it raised €486mn from investors including Tiger Global, TCV and Tencent. The company declined to comment on the latest share offering.

The sale would make Qonto the latest fintech company to turn to the secondary market at a time when exits for founders and investors are difficult because the IPO market remains tepid.

A successful deal would make Qonto one of the few European fintechs to increase their valuation in recent years after higher interest rates and shifting investor sentiment battered the sector, ending a period of hypergrowth that had pushed fundraising levels to a record in 2021.

Revolut, Europe’s largest tech company, in August closed a $500mn sale of employees shares, with its value growing from $33bn to $45bn. Other UK fintechs Monzo and GoCardless are also targeting similar deals.

David Sainteff, partner at Global Founders Capital, said several European fintechs were well-positioned for secondary sales because they had reached a more mature stage, had developed scale and lenders were benefiting from higher rates.

“Since 2021, many early employees have recognised that opportunities for liquidity events may be limited and IPOs postponed,” Sainteff said. “We’re likely to see more and more employee share sales at successful companies, as these firms will need to attract, retain and motivate top talent.”

Qonto was founded in 2016 by entrepreneurs Alexandre Prot and Steve Anavi with the aim of providing better financial services to other entrepreneurs.

It provides a suite of services including invoice management for more than 500,000 small and medium companies in France, Spain, Italy and Germany. The fintech does not have a banking licence but provides credit through partnerships with other institutions.

Qonto’s growth has been fuelled by entrepreneurs, sole traders and small companies, but it has in recent years sought to attract bigger clients, as well as offering software services.

The group has also embarked on a European expansion, announcing earlier this year that it would launch in Austria, Belgium, the Netherlands and Portugal. 

The Social Security Disability Insurance (SSDI) program provides financial support to individuals who can no longer work due to long-lasting medical impairments. 

According to the Center on Budget and Policy Priorities, SSDI offers vital benefits that help disabled workers maintain a basic standard of living. As of April 2024, approximately 7.3 million individuals received disabled worker benefits from Social Security. 

The benefits also extended to their family members, including 86,000 spouses and 1.1 million children under the age of 18. However, navigating the financial challenges during the waiting period for SSDI benefits can be difficult. 

This article will outline effective financial strategies to manage this critical time while awaiting approval and benefits.

Understanding the SSDI Waiting Period

The waiting period for benefits can be a significant hurdle for applicants. According to AARP, in the late 2010s, the Social Security Administration (SSA) processed initial disability benefit applications within 110 to 120 days. 

However, during the first eight months of the 2024 federal fiscal year, this average ballooned to 230 days. This extended timeline can add considerable stress for those awaiting financial support.

Once an application is submitted, if it is denied, the first step in appealing is a reconsideration, which averages seven months. If this reconsideration is also denied, applicants face an additional wait of about 15 months before they can have a hearing. 

Social Security Commissioner Martin O’Malley noted that 30,000 individuals died in 2023 while their claims were still pending.

The approval rates for SSDI applications reflect these challenges. According to USAFacts, only about one in three processed disability applications was approved in 2022. Many denials stemmed from applicants not meeting the SSA’s non-medical or “technical” requirements. However, for those who did meet these initial criteria, the approval rate was approximately 53%.

Navigating this complex process can be difficult, which is where an SSDI lawyer can provide invaluable assistance. These legal professionals are well-versed in the intricacies of SSDI claims. 

According to Russell & Hill, these attorneys can gather essential medical records, clarify any gaps in your application, and represent you during hearings. With their expertise, SSDI lawyers significantly increase the likelihood of securing benefits.

Financial Strategies During the Waiting Period

Financial strategies for navigating the waiting period include:

1. Budget Wisely

Here are some steps to consider:

• List all income sources: Include any savings, part-time work, or assistance from family and friends.
• Track expenses: Monitor your expenses by identifying both fixed and variable costs. Fixed expenses include items like rent or mortgage payments and utilities, while variable expenses cover things like groceries and entertainment.
• Put essential needs first: Prioritize expenses such as housing, food, and medical care.

1. Explore Alternative Income Sources

While waiting for SSDI benefits, exploring alternative income sources can be invaluable. If your health condition permits, consider seeking part-time work that allows for flexibility around your medical needs. Certain jobs or remote positions may offer manageable hours, allowing you to earn supplemental income without exacerbating your condition. 

Vocational rehabilitation programs may also provide support, helping you develop skills or explore roles suited to your current abilities. These programs can sometimes connect you with retraining opportunities tailored to meet the demands of less physically demanding or more flexible jobs.

Crowdfunding has become another useful option for those facing financial challenges during the SSDI waiting period. Platforms like GoFundMe allow individuals to raise money with the support of friends, family, and even the broader community. 

Creating a campaign that explains your situation can draw in support from people who want to assist you in meeting essential expenses. Together, these alternative income sources can help bridge the financial gap, providing some relief while awaiting approval.

2. Use Community Resources

Many communities offer resources for individuals facing financial hardship. NerdWallet highlights the Supplemental Nutrition Assistance Program (SNAP) as a highly valuable resource. SNAP offers eligible individuals and families an electronic benefits transfer (EBT) card to help purchase food.

The National School Lunch Program also offers free or reduced-price lunches to students who qualify. This program can significantly reduce food costs for families with school-aged children.

You need to research local community resources, such as food banks, soup kitchens, and clothing closets. These organizations often provide essential goods and services to those in need.

Frequently Asked Questions (FAQs)

How long does it take to receive my first SSDI payment after approval?

Once your SSDI application is approved, a five-month waiting period applies before you receive your first payment. For instance, if your disability began on June 15 of a given year and you submitted your application on July 1, your benefits would start in December of that same year.

Can I work while waiting for SSDI benefits?

Yes, you can work while waiting for SSDI benefits. However, there are income limits. Exceeding these limits might affect your benefits. It’s crucial to consult with the SSA or a benefits counsellor to understand the specific rules and how they might impact your situation.

What should I do if my SSDI application is denied?

If your application is denied, don’t get discouraged as you have a right to appeal the decision. The appeals process can take time but may result in back payments if approved later. Consider seeking help from legal advocates who specialize in disability claims to improve your chances of success.

Managing finances during the SSDI waiting period requires careful planning and resourcefulness. By budgeting wisely, exploring alternative income sources, and utilizing community resources, you can navigate this challenging time more effectively. Remember that seeking help is not a sign of weakness; many resources are available to support you through this process.

A MUCH-LOVED city in Europe is home to a Caribbean-style water park with three white-sand beaches and over 20 attractions.

When most British holidaymakers visit Venice, they head to landmarks like St Mark’s Basilica, the Rialto Bridge, and the Bridge
of Sighs.

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In addition to these historic sites, British holidaymakers might want to add Caribe Bay, a Caribbean-style water park, to their agendas.

The Italian water park has seven themed areas, 27 attractions and three beaches.

Each of the three beaches is covered with white sand, while palm trees and cabanas are dotted throughout the water park, hence the comparison to the Caribbean.

One popular attraction is Captain Spacemaker, which claims to be the highest waterslide in Europe at 42m high.

Park-goers are placed on a float before heading down the waterslide, reaching speeds of 62mph.

There are several other water rides at the theme park, including the lazy river ride Roatan, a 220m-long waterslide called Tortuga Sky and Battle Intrigo where park-goers can fire water cannons.

For younger visitors, there’s also Boopi River, Rudder, a trampoline park, a ball pit, a pirate’s mine, a water playground and a small boat ride.

Other water attractions include Jungle Jump, a space where visitors can challenge their friends with acrobatics before diving into the water.

There’s also Scary Falls, a 38m-high slide that park-goers go down in the dark.

The Italian water park has multiple outdoor pools like Shark Bay, a Wave Pool, and Pirate’s Bay, an outdoor lagoon with a child-friendly beach.

Other attractions include Bungee Jumping, a free climbing wall and a tightrope bridge 20m above the ground.

Live shows, like Pirates of Silver Cove, Swing Circus and Limbo, also take place at the water park.

There are several on-site restaurants at the water park too, including Castaway Kebab, Castaway Burger, Chiringuito Beach, La Petite Patisserie and La Petite Cuisine.

The Italian water park has been praised by visitors, with a 4/5 star rating from thousands of reviews on TripAdvisor.

One person wrote: “We had a great time from start to finish at this very unique water park.

“The Caribbean-style white sand and palm trees are really well done.”

Another person added: “The park is very big and the sand is incredible”.

A third person wrote: “The park is very big and the sand is incredible”.

Tickets cost €39 (£32) for adults and €32 (£27) for kids, with children under one metre going free.

Located in Venice, Brits can fly to Venice Airport to reach the Italian water park.

A number of UK airports operate direct flights to Venice, with one-way fares starting from £20 per person in 2025.

Flights between the UK and Venice take a little over two hours.

The Italian water park is closed for the winter season and will reopen for the summer season in 2025.

Five new water attractions opening in the UK

1. Therme Manchester will have 25 swimming pools, 25 water slides and an indoor beach.
2. Modern Surf Manchester will be a surfing lagoon offering lessons to both beginners and experts.
3. Chessington World of Adventures Waterpark is set to have wave, infinity and spa pools as well as waterslides and cabanas.
4. The Cove Resort, Southport is likely to have a water lagoon and a thermal spa with steam rooms and saunas.
5. The Seahive, Deal plans to be the “surfing wellness resort” in the UK.

And here are some other water parks in the UK you should visit, including a huge new £250million attraction opening in 2025.

There are also plenty of water parks in Europe, including Livu Akvapark in Latvia and Energylandia in Poland.

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Shares of Greggs fell as much as 8 per cent on Friday morning after Deutsche Bank predicted the UK bakery chain faces an extra £97mn in costs over the next two years as a result of the recent Budget measures.

The analysts downgraded the Newcastle-based group from hold to sell, predicting the changes would cost it £45.8mn in 2025 and £51.2mn in 2026, as well as suffering a 23 per cent fall in pre-tax profit in each of those years.

In 2023 Greggs posted a £188.3mn pre-tax profit.

Employers’ national insurance contributions will rise 1.2 percentage points to 15 per cent from April, while the earnings threshold at which the tax kicks in will fall from £9,100 to £5,000, chancellor Rachel Reeves said last week. Minimum hourly pay for adults will increase 6.7 per cent to £12.21, with larger increases for younger staff.

“Greggs has material exposure [to the Budget measures] via its 30,000 employees, coupled with a low — less than 10 per cent — operating margin,” Deutsche Bank said. “We see this as upside risk rather than our base case,” they added.

Greggs declined to comment.

The estimate from Deutsche is the latest example showing how many UK companies are bracing for higher business costs after Reeves unveiled the UK’s biggest tax-raising Budget in a generation. Groups including Marks and Spencer, JD Wetherspoon and BT revealed this week they have to fork out over half a billion pounds in total in extra costs as a result.

Deutsche Bank said price increases would be the most obvious measure to offset the costs for Greggs, known for its affordable offerings.

However “it is difficult to be confident [its rivals] will price-up,” especially in an environment when the recent consumer prices index suggests inflation is slowing, they added.

Greggs has been expanding as it capitalises on its popularity among consumers who traded down during the cost of living crisis. However the chain reported slowing sales growth in its latest quarter, which it blamed on violent riots and poor weather in the period.

Given its 32,000 employees, Greggs is “going to be facing quite a significant labour cost headwind”, said Patrick Higgins, an analyst at Goodbody. He expects “another inflationary year” to come because of employers’ cost burden with the Budget measures.

“You’ll probably see prices have to drift up to a degree next year. The question is how much can some of the higher-priced competitors take price versus Greggs, which is coming from a more value-focused base,” he said.

In this week’s Weekend Essay, editor Tom Browne reflects on what lessons the media can learn from the US election results and the UK Budget.

From over-sensationalising political outcomes to the dangers of guessing in the absence of solid policies, Tom discusses how a more informed, sober approach is needed in today’s media landscape. Should the media focus less on polarisation and more on understanding voter behaviour?

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Germany’s Chancellor Olaf Scholz has said he might be prepared to bring forward a confidence vote in his government, raising the prospect of much earlier snap elections in the Eurozone’s largest economy.

Scholz had originally scheduled the confidence vote for January 15, paving the way for elections in March. But the opposition has insisted it should be held as early as next week to avoid a long period of political uncertainty, a move that would allow elections to be held in January.

Scholz brought the curtain down on his fragile three-party coalition on Wednesday by sacking finance minister Christian Lindner, leader of the smallest party in the alliance, the pro-business Free Democrats (FDP).

The move marked the climax of a long-running dispute within the coalition between the Social Democrats (SPD) and Greens on the one hand and the FDP on the other over the direction of economic policy.

With the FDP pulling its ministers out of the cabinet, Scholz now heads an SPD-Green minority government.

Scholz indicated he might be flexible on timing if the SPD and Greens could reach a deal with opposition parties, including the Christian Democratic Union (CDU) and FDP, to get some outstanding bills through parliament.

“It would be good if the democratic groups in the Bundestag could reach agreement on what laws can be passed this year,” Scholz told reporters on Friday on the sidelines of an informal EU summit in Budapest. “This agreement could then provide an answer to the question of when would be the right time to table a confidence vote.”

He cautioned, however, that setting a date for the poll was not a “purely political” matter, since the federal election commissioner needed enough time to organise a “fair democratic election”.

A spokesman for CDU leader Friedrich Merz said he would only comment after talks had taken place, noting that Scholz had not yet named a date for them.

Meanwhile, Green party officials said Robert Habeck, the deputy chancellor and economy minister, would announce on Friday that he was running as the Green candidate for chancellor in the coming election.

Habeck has long harboured ambitions for Germany’s top job, but in the last Bundestag election in 2021, he stepped back to allow Annalena Baerbock to run as the party’s candidate.

However, Baerbock, Germany’s foreign minister, told CNN in an interview in July that she would not run for the top job again, opening the way for Habeck to stand.

His candidacy will need to be confirmed at a Green party conference next week in the west German city of Wiesbaden.

Habeck’s chances of becoming chancellor are slim. Approval ratings for the Greens have slumped in recent months, with polls placing them at 9 to 11 per cent.

Merz said Habeck’s plan at a time when the party was polling so badly had “a humorous aspect”.

There had already been some indications that Habeck was gearing up to announce a bid. This week he reappeared on X, six years after abandoning Twitter and Facebook.

“It’s easy to leave these places to the ranters and populists,” he wrote on X. “But taking the easy way out can’t be the solution. Not today. Not this week. Not at this time. That’s why I’m back on X.”

Another post on X shows Habeck editing a text, with a calendar in the background showing November 8 marked in red.

Habeck comes from the “realo” or pragmatic wing of the Greens. As deputy chancellor, he was involved in policies that were hard for other Greens to stomach such as tougher rules on immigration.

He is seen as a gifted orator. However, his reputation was damaged by the controversy surrounding a law pushed through by his ministry, aimed at phasing out gas and oil-fired boilers and replacing them with heat pumps run on renewable energy. Many saw it as an unwarranted intervention in the private sphere.