Qonto makes its first strategic acquisition since its creation in 2017 by acquiring its German competitor Penta. The new entity now has almost 900 employees and over 300,000 customers.
With the acquisition of its competitor, Qonto, the leading BtoB neobank in France, significantly strengthens its presence in Germany, a complex market due to the low use of bankcards.
The acquisition gives Qonto a large customer portfolio, as well as a significant number of recruits at a time when the war for talent is raging in the tech sector. For the time being, no redundancies are planned, as Qonto CEO Alexandre Prot states: " We are continuing to recruit heavily at Qonto ", which is aiming for 2,000 employees by 2025.
Finally, Qonto plans to focus on its 4 markets: France,Germany,Spain andItaly, to reach its target of one million customers by 2025.
For more information: https://www.lesechos.fr/start-up/deals/la-neobanque-qonto-rachete-sa-concurrente-allemande-penta-1778026
