One of the prominent European financial technology companies, Qonto recently announced its intention to acquire Penta, a German fintech firm. Through the acquisition, Qonto aims to become the top financial solutions provider in the European region.
Established in 2017, Penta is one of the fastest-growing fintech companies in Germany. The company has more than 50,000 clients in the country and over 200 employees based in Berlin and Belgrade. Qonto was launched in France in 2017. According to the details shared by Qonto, the acquisition of Penta will allow the company to achieve its ambitions for the German market.
“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,” commented Alexandre Prot, Qonto’s CEO.
In an official press release, Penta noted that the deal is expected to close in the next few weeks.
German Market
Qonto witnessed rapid growth in Germany in 2021 as the number of customers jumped by 170% YoY. The fintech firm mentioned that Penta’s acquisition will allow the company to become the European digital business finance leader.
Markus Pertlwieser, the 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."
