Qonto, a French online bank for small and medium-sized companies (SMEs), announced its intent to acquire German rival Penta. The move aims to create a European digital business finance leader with more than 30,000 customers. The transaction, which is anticipated to close in the coming weeks, is a “logical next step” in Qonto’s long-term goal of becoming the preferred financing solution for 1 million consumers by 2025, according to the company. The amount of consideration paid in the transaction has not been disclosed.
French fintech Qonto intends to acquire German rival Penta