The French fintech Qonto plans to buy its German competitor Penta

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July 21 (Reuters) – Qonto, a French online bank for small and medium-sized enterprises (SMEs), on Friday announced plans to acquire German rival Penta, in a bid to create a European leader in digital corporate finance with over 300,000 customers.

The deal, which is expected to close in the coming weeks, represents a “natural next step” in Qonto’s long-term ambition to become the financing solution of choice for 1 million customers by 2025, the company said. French fintech in a press release.

“The acquisition of Penta will enable Qonto to become the market leader in Germany – Europe’s largest banking market for SMEs – and further accelerate profitable growth in all markets,” the company added.

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Qonto currently serves more than 250,000 customers in France, Germany, Italy and Spain, while its German competitor serves 50,000 customers in Germany.

The group did not disclose the purchase price.

Qonto’s latest fundraising in January raised 486 million euros, bringing its valuation to 4.4 billion euros ($4.98 billion). Read more

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Reporting by Diana Mandiá in Gdansk Editing by Matthew Lewis

Our standards: The Thomson Reuters Trust Principles.

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