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French Neobank Unicorn Qonto in Advanced Talks to Buy Berlin-Based Neobank Penta

Updated: 1 day ago

This blog post first appeared first on old medium publication (https://medium.com/startuprad-io), and was moved to this blog with the relaunch of our website in summer 2024.

What Is This About?

French neobank unicorn Qonto entered advanced talks to acquire Berlin-based business banking startup Penta — a deal confirmed on July 22nd, 2022. The acquisition marks Qonto's aggressive push into the German market, the largest SME banking opportunity in Europe.

  • This blog post first appeared first on old medium publication (https://medium.

  • Update: Penta and Qonto made their deal public on July 22nd, 2022.

  • Paris-based Qonto just talked exclusively about their market entry in Germany with us.

  • Penta was the first neobank in Germany focusing on SMEs .

  • News emerged in February 2022 that Penta was on the hunt for more funding (assuming Series C) with a 500 mn US$ valuation target.


Paris via Pixabay

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French Neobank Unicorn Qonto in Advanced Talks to Buy Berlin-Based Neobank Penta Startuprad.io brings you independent coverage of the key developments shaping the startup and venture capital landscape across Germany, Austria, and Switzerland.

This blog post first appeared first on old medium publication (https://medium.com/startuprad-io), and was moved to this blog with the relaunch of our website in summer 2024.


Update: Penta and Qonto made their deal public on July 22nd, 2022.


Paris-based Qonto just talked exclusively about their market entry in Germany with us. We also covered Penta extensively from their very first moments on. Now news emerged (by a usually well-informed German fintech blog) that Qonto is in talks to buy Penta and the deal could close in a few days.


Penta was the first neobank in Germany focusing on SMEs . We covered them extensively in the past (especially interviewing Luka), and we may have had their first English interview ever. They got acquired by Berlin-based fintech incubator finleap in April 2019. Until then Penta had raised 82,8 m US$ from 13 Investors in funding (to Series B). finleap has also been an investor in their Series B, before they bought them.


News emerged in February 2022 that Penta was on the hunt for more funding (assuming Series C) with a 500 mn US$ valuation target. The private and public markets across the world have turned spectacularly since. Even unicorns like Solarisbank realized this and are now considering (as well) an outright sale, even to PE funds. Therefore it is not surprising that Penta took a similar route to evaluate all options. After Qonto announced their 480+ M Euros Series D in January, with expansion plans in Germany, it was a no-brainer for Penta to talk to them.


In our exclusive interview with Qonto’s Head of Germany, we already heard a lot of similar positions on client-centric SME and startup banking.


It is the personal opinion of the author that both companies could be a great fit.


You can learn more about Penta and Qonto in our interviews below.


First Penta Interview


Second Penta Interview


More Coverage


Note the publication time stamps are all from the migration to a new hoster in January 2019



Is Qonto Buying Penta?

This breaking news post from July 15th, 2022 reported that Paris-based neobank unicorn Qonto was in advanced talks to acquire Berlin-based Penta, Germany's first neobank focused on SMEs. The deal was confirmed on July 22nd. Penta had been searching for Series C funding since February 2022, and Qonto had just spoken exclusively with Startuprad.io about their German market entry.

Introduction

Startuprad.io broke the news on July 15th, 2022 that French neobank unicorn Qonto was in advanced talks to buy Berlin-based Penta. Penta was Germany's first neobank focused on SME banking and had been hunting for Series C funding since February 2022. Qonto had just spoken exclusively with Startuprad.io about its plans for the German market, making this acquisition a natural strategic move. The deal was ultimately confirmed on July 22nd, 2022, representing a significant moment of consolidation in European business banking.

This breaking news article reported that Paris-based unicorn Qonto was in advanced acquisition talks with Berlin-based Penta, Germany's pioneering SME-focused neobank. News had emerged in February 2022 that Penta was seeking additional funding, presumably a Series C. Qonto had recently spoken exclusively with Startuprad.io about entering the German market, making the acquisition of an established German business banking platform a logical strategy. The deal was subsequently confirmed on July 22nd, 2022.

  • Qonto, a Paris-based neobank unicorn, was in advanced talks to acquire Berlin-based Penta as of July 15th, 2022.

  • Penta was Germany's first neobank focused on SME banking and had been seeking Series C funding since February 2022.

  • Qonto had just spoken exclusively with Startuprad.io about its German market entry plans, foreshadowing the acquisition strategy.

  • The deal was confirmed on July 22nd, 2022, just one week after this initial report.

Entities Referenced in This Episode

Startups

  • Qonto — Paris-based neobank unicorn, acquirer

  • Penta — Berlin-based neobank, Germany's first SME-focused neobank, target

Cities

  • Paris — Qonto headquarters

  • Berlin — Penta headquarters

Topics

  • Neobank acquisition, SME banking, Series C funding, European fintech M&A, business banking consolidation

Relationship Map

  • Qonto (Paris, unicorn) → in talks to acquire → Penta (Berlin)

  • Penta → was Germany's first → SME-focused neobank

  • Penta → searching for → Series C since February 2022

  • Qonto → spoke exclusively with → Startuprad.io about German market entry

Quote Highlights

  • On the deal: French neobank unicorn Qonto entered advanced talks to acquire Berlin-based business banking startup Penta, marking Qonto’s aggressive push into the German market.

  • On Penta’s history: Penta was the first neobank in Germany focusing on SMEs and was acquired by Berlin-based fintech incubator finleap.

  • On deal confirmation: The deal was made public on July 22nd, 2022, confirming earlier reports from July 15th.

  • On strategic fit: Both companies could be a great fit — Qonto consolidating its position in European B2B neobanking through cross-border acquisition.

Related Episodes on Startuprad.io

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What is Penta?

Penta was Germany's first neobank focused on small and medium-sized enterprises (SMEs). Based in Berlin, the company provided business banking services before being acquired by French neobank unicorn Qonto in July 2022.

Why did Qonto want to buy Penta?

Qonto was looking to enter the German market, and acquiring Penta gave them an established customer base and infrastructure in Europe's largest economy. Penta had been seeking Series C funding, making it receptive to acquisition.

About the Host

Joern "Joe" Menninger is the host of the Startuprad.io podcast and covers founders, investors, and policy developments across the DACH startup ecosystem. Through more than 1,300 interviews and nearly a decade of reporting, he documents the evolution of the European startup landscape. Follow Joern on LinkedIn.

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Companies building in fintech and digital banking use Startuprad.io to reach founders, operators, and decision-makers across the DACH ecosystem. If that fits your goals, explore partnerships here: Partner with Startuprad.io

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