Online bank for small and medium-sized companies (SMEs), Qonto , has planned to acquire German fintech Penta to create a European digital business finance company with more than 300,000 customers, as stated by Reuters . The deal, which is expected to close in the coming weeks (August 2022), represents a reportedly natural next step in Qonto's plans to become the finance solution of choice for 1 million clients by 2025, according to the French fintech, cited by Reuters.

The company continued to say that ‘the acquisition of Penta will enable Qonto to become the market leader in Germany – the largest European SME banking market – and to further accelerate profitable growth across all markets’. Currently, Qonto has over 250,000 clients across France, Germany, Italy, and Spain, while Penta serves 50,000 customers in Germany. The purchase price was not disclosed, Reuters concluded.

Previously, Qonto raised a USD 552 million Series D round in January 2022, followed by a EUR 5 million crowd investing round in April 2022. On the other hand, Penta has raised a EUR 15 million Series B in August 2021. .