PayNews42 reported the rumors a few days ago. Friday morning, the two companies announced the transaction in blog posts. The Paris-based fintech Qonto acquired its German competitor Penta. The transaction is expected to be finalized in the coming weeks.
Qonto is the market leader in digital financial management for small and medium-sized enterprises (SMEs), sole proprietors, and freelancers in France; Penta is the market leader in this segment in Germany.
“The acquisition is an important milestone for us,” Qonto co-founder Alexandre Prot. “It makes us by far the largest player in digital business banking in Germany,” he said.