French unicorn Qonto makes his first acquisition. Neobank for professionals announced on July 22, 2022 the takeover of its German competitor Penta. This acquisition follows Qonto’s €486 million fundraiser at the beginning of the year. Financial details have not been released by the stakeholders, but the startups add that they are working on details of future collaborations with announcements coming in the coming months.
50,000 customers in Germany
Founded in 2017, Qonto offers subscription-based business accounts, payments, accounting, credit solutions in partnership with fintech October, and cash management. Its offer is aimed at VSEs-SMEs and the self-employed. Like Qonto, Penta was founded in 2017 and offers similar solutions in Germany. The two startups also “share the same mission, culture and strong business models,” Konto said in a statement.
200 Penta employees will be added to Qonto’s 700 employees. With 250,000 customers in four markets (France, Germany, Italy and Spain), Qonto has a strong foothold in the German market with Penta’s 50,000 customers. In this way, the French unicorn confirms its ambition to be the financial management solution for one million SMEs and the self-employed in Europe by 2025 (including 75% of potential clients outside of France).
Unicorn announced during the latest fundraiser that it wants to invest over 100 million euros in each of the existing European markets (Germany, Spain and Italy) over the next two years. She has already said she wants to explore potential acquisitions. The current market favors such transactions as startup valuations seem to have stopped rising and investors have become more cautious due to the macroeconomic context. Qonto will continue to develop new features and forge new partnerships to offer new services.