Closing 12 months, French startup Qonto got its German competitor Penta. Each corporations be offering trade financial institution accounts for small and medium corporations in addition to freelancers. Lately, Qonto shared some information about the combination procedure.
On the time of the purchase, Penta used to be serving 50,000 corporations in Germany whilst Qonto had 300,000 shoppers in France, Spain, Italy and Germany. Whilst Penta is now not accepting new shoppers, new German corporations on the lookout for a checking account can signal as much as Qonto at once.
As for current shoppers, Qonto now expects to transport all Penta shoppers to Qonto’s banking platform by means of the tip of 2023. As soon as that is achieved, the corporate will function below a unmarried emblem — Qonto.
In a similar way, there are some inner adjustments. The Qonto and Penta groups are going to merge, with Penta’s co-founder Lukas Zörner appearing as the brand new VP of Germany for Qonto. And similar to that, Qonto goes so as to add tens of hundreds of consumers to its platform.
“Germany used to be Qonto’s quickest rising marketplace in each 2021 and 2022 and we’ll stay construction in this momentum in 2023. The union of Qonto and Penta is a beginning sign for a brand new generation of consolidation within the Eu fintech business. Via integrating Penta, we’re combining the strengths of 2 corporations to make stronger Qonto’s place because the virtual trade finance chief Eu SMEs and freelancers be expecting and want,” Qonto co-founder and CEO Alexandre Prot stated in a commentary.
So in case you’re a Penta buyer, keep watch over your e mail inbox as you’ll quickly obtain a call for participation to transport your account to Qonto. Consumers will nonetheless have a German IBAN. Qonto additionally provides digital and bodily company playing cards, a number of tactics to export and sync your financial institution statements together with your accounting answer (together with Datev beef up), rapid SEPA transfers and extra.
With regards to pricing, freelancers will have to pay kind of the similar subscription rate as each Penta’s and Qonto’s plans began at €9 per thirty days. Larger corporations with more than one customers may just finally end up paying extra despite the fact that as Penta’s endeavor plan introduced 15 playing cards for €49 per thirty days. Corporations at the least expensive Qonto plan (€29 per thirty days) need to pay every other €5 consistent with card per thirty days to get greater than two playing cards.
In January 2022, Qonto introduced an enormous €486 million Collection D investment spherical ($522 million at these days’s trade charge). It used to be a unique time for the tech business as there are so much fewer late-stage rounds.
This acquisition is most definitely the primary considered one of a protracted sequence of fintech acquisitions. There will likely be extra consolidation strikes within the fintech business in 2023 because of the present slowdown in challenge investment and overaggressive growth plans in 2021 and early 2022.
