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Qonto will integrate with Penta at the end of this year

New synergy in sight. Qonto has just made the Penta integration public. The European market expert in digital financial management for SMEs and freelancers, has joined forces with pentaprovider of digital business banking for SMEs and the self-employed in Germany.

The integration roadmap leads to a single team, a single platform and a single brand. The successful integration of Penta in Germany – which is expected to be fully completed by the end of 2023– is an important milestone on Qonto’s path to profitability.

This announcement coincides with the anniversary of Qonto’s record €486 million Series D funding round. Alexandre ProtCEO and co-founder of Qonto: “Germany was Qonto’s fastest growing market in both 2021 and 2022, and we will continue to build on this momentum in 2023. The union of Qonto and Penta is the starting gun for a new era of consolidation in the European fintech sector. With the integration of Penta, we are combining the strengths of two companies to strengthen Qonto’s position as the leader in digital business finance that European SMEs and freelancers expect and need.”

Building a European benchmark

All clients will benefit from the joint strength of both companies, which go far beyond simple business banking. Qonto already offers a comprehensive financial management product and services that meet the financial needs of Europe’s small and medium-sized businesses. With Qonto, SMEs and freelancers can easily manage their day-to-day business finances, from day-to-day banking and financing to accounting and expense management.

a single team

Following the agreement and to achieve growth targets across Europe, Qonto has completed the integration of Pentonians in Qonto’s team. His knowledge of the German market and his customers will further enhance Qonto’s current strategy in the country. Since October 2022, the Qonto business in Germany is run by Lukas Zörner, one of the co-founders of Penta and new vice president of Qonto in Germany.

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a single platform

Gradually, all current Penta clients will be invited to move their accounts to Qonto and benefit from the comprehensive business financing solution of Qonto. All Penta clients are expected to be integrated into the Qonto platform by the end of 2023. Qonto has had its own core banking system since 2019. As a regulated payment institution, Qonto is authorized and supervised by the French Prudential Supervision Authority and Resolution (Autorité de Control Prudentiel et de Résolution or ACPR). In Germany, Qonto operates under the joint supervision of BaFin (Federal Financial Supervisory Authority) and ACPR.

In the words of Lukas Zörner: “We offer 7/7 customer service and a seamless flow for account transfers, so changeovers for Penta customers will be minimal. Customers who switch to Qonto will continue to have access to the features they know and love. In addition, they will have access to Qonto’s great products and services, including customer billing, vendor billing and SEPA Instant. With this enhanced offering we will be able to even better address customer pain points and serve all of their business banking needs on a single platform.”

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