After initial rumors: Qonto apparently buys Penta

According to a media report, the takeover is to be completed in the next few weeks. In the long term, the Penta brand will probably disappear.

Now it appears that the time has come for French banking startup Qonto to acquire Berlin-based rival Penta, as Finance Forward reported. Both startups offer a banking solution for businesses and the self-employed. Rumors from industry insiders already surfaced a few days ago that Penta was to go to its French competitor. Now the Penta brand is likely to disappear altogether in the long term.

Both companies have announced that the takeover deal is to be completed in the next few weeks. The purchase is apparently to be paid for with cash and with shares. No exact details on the takeover sum are known.

Qonto was founded in 2017. The company now operates in France, Spain, Italy and Germany and says it employs more than 600 people. Since its inception, Qonto has received €622 million in funding from Valar, Alven, the European Investment Bank, Tencent and DST Global. Neobank targets SMEs, startups and the self-employed and founders.