French Unicorn Qonto Buys German Competitor Penta
- Digital banking
- 22.07.2022 11:20 am
Qonto aims to combine its wider reach and core banking system with Penta’s knowledge of the German market. Both companies have ambitions to create higher-value products for their users and expand their markets.
Penta is an emerging neobank for freelancers, sole proprietors, and SMEs, and Qonto views its acquisition as the next logical step in strengthening the direction of its digital banking solutions in Europe. Both firms were founded in 2017, tracking impressive growth since inception. In 2021, Qonto achieved 170% YoY customer growth.
Alexandre Prot, Qonto CEO, commented: “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!”
Markus Pertlwieser, CEO of Penta, stated: "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."
In April 2022, Qonto raised €5 million in a crowdfunding campaign with a goal of only €1 million to gain shareholders and develop their product. In May, the company partnered with cryptobank Coinhouse to provide SMEs and freelancers with the opportunity to invest in digital assets.