Qonto Plans To Complete An Acquisition Deal For Penta
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Major European fintech firm Qonto has announced its plans to acquire German fintech firm, Penta. When the acquisition is complete, Qonto will be looking to become a major financial provider in Europe.
Penta was established in 2017. The firm has more than 20 employees in Belgrade and Berlin and has gained more than 50,000 clients in the country.
On the other hand, Qonto was launched in 2016 as a financial technology firm. The company has expanded its operations and added more services to serve more clients. The acquisition deal will enable Qonto to expand its operational presence in Germany and Europe.
Qonto Wants To Gain Dominance In European Markets
Chief Executive Officer of Qonto, Alexandre Prot, commented on the acquisition deal. He stated that the goal of the company has always been to simplify everyday banking for freelancers and SMEs across Europe.
Prot added that Qoto already has an established presence in four European markets. But it is not stopping there, as the main aim is to gain some level of dominance in the European market. As a result, the next phase of its expansion is to join forces with Penta to provide more avenues for clients and customers to benefit from its service.
The deal is expected to be finalized in the next few weeks.
The market has been favorable for Qonto, as it recorded impressive growth in Germany last year. According to the company, the number of customers surged 170% year-over-year (YoY). The company added that the acquisition will enable it to become the European digital business finance leader.
Chief Executive Officer of Penta, Mark Pertlweiser, stated that Qonto is an example of a successful fintech story. With the combination of rising revenues and increasing customer numbers, Penta has gained more substance in the past 18 months. Mark added that the company is excited and looking forward to the partnership that will shape digital banking across Europe.
The acquisition will also enable Qonto to become the market leader in Germany, which is the biggest market for European SME banking.