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French fintech Qonto intends to acquire German rival Penta

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Reuters UK

(Reuters) – Qonto, a French online bank for small and medium-sized companies (SMEs), announced on Friday its intent to acquire German rival Penta, in a move that aims to create a European digital business finance leader with more than 300,000 customers. The deal, which is expected to close in the coming weeks, represents a “natural next step” in Qonto’s long-term ambition to become the finance solution of choice for 1 million clients by 2025, the French fintech said in a statement. “The acquisition of Penta will enable Qonto to become the market leader in Germany – the largest European SME ban…

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