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.

The time has apparently come: French banking startup Qonto is taking over Berlin-based rival Penta, as reported by Finance Forward reports. Both start-ups offer a banking solution for companies and the self-employed. A few days ago, rumors from industry insiders emerged that Penta was to be sold to its French competitor. Now the Penta brand will probably disappear completely 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 in cash and shares. No exact details of the takeover sum are known.

Qonto was founded in 2017. The company is currently active in France, Spain, Italy and Germany and claims to employ more than 600 people. Since its foundation, Qonto has received 622 million euros from Valar, Alven, the European Investment Bank, Tencent and DST Global. Neobank is aimed at SMEs, start-ups, the self-employed and founders.