Qonto acquired Germany-based SME banking company Penta for an undisclosed sum in July 2022. According to a Qonto representative, the deal aimed to help the firm expand into the German market and further accelerate profitable growth across all markets. The company was looking to boost its presence in Germany. Penta acted as a digital business finance solution for SMEs, sole proprietors, and freelancers, offering banking services and a marketplace for loans, deposits, and insurance. In Early 2022, Qonto secured EUR 486 million in Series D funding.
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