The insurance and financial services company Signal Iduna Group has signed a partnership agreement with the France-based finance manager for SMEs and self-employed Qonto . In terms of content, the cooperation is an extension of the partnership that already existed between the German fintech Penta and Signal Iduna.

Signal Iduna had already reached a similar agreement with Penta in February 2022. In July 2022, the companies Qonto and Penta merged. Shortly after the merger, Qonto started talks with Signal Iduna to extend the partnership.

The cooperation agreement allows customers to gain access to the group's insurance policies via the Qonto platform. Additionally, Signal Iduna will offer Qonto's financial services to its medium-sized insurance customers. The offer of the partners is aimed at German medium-sized companies.

Signal Iduna business customer offer For SMEs, Signal offers employer-funded pensions, commercial insurance, and corporate legal protection, amongst many other features. Through the cooperation, Qonto customers will also gain access to Signal Iduna’s company pension schemes, company health, and accident insurance, as well as business liability, fleet, business interruption, and transport insurance. The company also offers its customers various features for corporate legal protection. Qonto’s features Qonto is a finance manager for SMEs and the self-employed.

It aims to simplify the daily financial business of 350,000 companies, automating their accounting, simplifying their invoice management, and managing their expenses on the basis of an online app. The company operates in Germany, France, Spain, and Italy and currently employs 1000 people. Penta acquired by Qonto Qonto acquired Germany-based SME banking company Penta for an undisclosed sum in July 2022. According to a Qonto representative, the deal aimed to help the firm expand into the German market and further accelerate profitable growth across all markets.

The company was looking to boost its presence in Germany. Penta acted as a digital business finance solution for SMEs, sole proprietors, and freelancers, offering banking services and a marketplace for loans, deposits, and insurance. In Early 2022, Qonto secured EUR 486 million in Series D funding.

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