Qonto, a European business finance solution, is set to acquire German FinTech Penta over the next few weeks.
According to Penta, the acquisition represents the logical next step in Qonto’s long-term ambition to become the finance solution of choice for one million European SMEs and freelancers by 2025.
Penta is a German digital business finance solution for SMEs, freelancers and sole proprietors. The company serves 50,000 customers in Germany and counts 200 employees, who are mostly based in Berlin and Belgrade.
Penta said, “Joining forces is a great opportunity for both Qonto and Penta and the resulting union promises to be greater than the sum of its two parts. Both companies are seeking to create more value at a faster pace for customers, not just in Germany but across Qonto’s other markets. They share the same mission, culture and robust business models.
Since launching in 2017, Qonto has been focused on building the leading all-in-one finance solution for SMEs and freelancers. The firm claims it simplifies everything from everyday banking and financing to invoicing, bookkeeping and spend management. Qonto currently serves more than 250,000 clients across four markets and employs more than 700 people.
Last year, Germany was the fastest growing market at Qonto, with 170% customer growth year-on-year.
The acquisition of Penta will enable Qonto to become the market leader in Germany – the largest SME banking market in Europe – and to further accelerate profitable growth across all markets. Together, Qonto and Penta are creating the European digital business finance leader with more than 300 000 customers and 900 employees, who will together design the future of business banking.
Qonto CEO Alexandre Prot said, “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!”
Penta CEO Markus Pertlwieser added, “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.”
Earlier this year, Qonto closed a crowdfunding campaign in just six hours.
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