Qonto, a European business finance solution, has announced its intention to acquire its German fintech rival Penta. The deal is expected to be closed in the coming weeks and it comes at a time when both companies are witnessing continuous growth.
The acquisition of Penta is the next step taken by Qonto towards its long-term ambition to become the finance solution of choice for one million European SMEs and freelancers by 2025. Earlier this year, Qonto bagged $552 million in the largest funding in French tech ecosystem to fuel its expansion.
Penta is a German digital business finance solution for Small- and Medium-sized Enterprises (SMEs), sole proprietors and freelancers. This acquisition will be a great opportunity for both Qonto and Penta. Interestingly, they share the same mission, culture and robust business models. Both companies are seeking to create more value at a faster pace for customers, not just in Germany but across Qonto’s other markets. With Penta’s local expertise, Qonto aims to achieve its strong ambitions for the German market.
The acquisition of Penta will enable Qonto to become the market leader in Germany, the largest European SME banking market and to further accelerate profitable growth across all markets. Together, Qonto and Penta will create an European digital business finance leader with more than 300,000 customers and 900 employees to design the future of business banking.
“When Steve Anavi and I founded Qonto in 2016, we had the ambitious goal of simplifying everyday banking for SMEs and freelancers across Europe. Today, we’re already present in four European markets and, while I’m very proud of what we’ve achieved so far, we want to go even further: the natural next step was to join forces with Penta. We are thrilled to welcome the Penta team onboard. Together we’re going to be the finance solution of choice for one million European SMEs and freelancers by 2025!” explained Alexandre Prot, Qonto CEO.
Markus Pertlwieser, CEO of Penta, said: “Lukas Zörner and his co-founders have written a real fintech success story. With the combination of increasing customer numbers and rising revenues, we have gained even more substance in the past 18 months. We are very excited that we now have the chance to actively shape digital banking for business customers in Europe as a team with Qonto.”
All-in-one finance solution
Qonto was founded by Steve Anavi and Alexandre Prot in France in 2017 to build an all-in-one finance solution for SMEs and freelancers. It simplifies everything from everyday banking and financing to invoicing, bookkeeping and spend management, allowing its customers to focus on what truly matters.
Currently, the company serves more than 250,000 clients across four markets – France, Germany, Italy and Spain, and employs more than 700 people. In 2021, Germany was the fastest growing market at Qonto, with 170% customer growth YoY.