Visa The Embedded Lending Opportunity April 2024 Banner

Qonto to Acquire Regate, Add Financial Tools for Accountants

Qonto

European business finance solution firm Qonto plans to acquire French FinTech company Regate.

The deal is expected to close within weeks, Qonto said in a Thursday (March 7) press release.

The planned acquisition will enhance Qonto’s existing business banking solutions for small and medium-sized businesses (SMBs) and freelancers by adding Regate’s financial tools and dedicated product for accounting firms, according to the release.

“With our new dedicated offer, which includes Regate’s existing partnerships with industry leaders like Sage or Cegid, we can now perfectly address the needs of accountants and be a true partner, both to them and to the businesses they work with,” Alexandre Prot, CEO and co-founder of Qonto, said in the release.

Integrating Regate will add more accounts payable (AP), accounts receivable (AR) and bookkeeping features to Qonto and streamline the flow of data between SMBs and their accountants, according to the release.

Regate’s accounting and financial automation platform is used by 10,000 SMBs and 500 accounting firms, the release said. With the acquisition, these customers will join the more than 450,000 companies that use Qonto’s solution, which includes an online business account that is combined with financial tools.

Regate’s 100 employees and co-founders Alexis Renard and Laura Pallier will join Qonto as part of a business unit focused on financial tools for accountants, per the release. The unit will be led by Renard and Pallier, managing director and product director, respectively.

“We are really excited about this unique opportunity to join Qonto and shape the future of a true European FinTech champion together as one team,” Pallier said in the release.

In an earlier acquisition, Qonto said in July 2022 that it was buying Penta, which it described as “the leading German digital business finance solution” for SMBs and freelancers.

Qonto said at the time that the Penta deal would make it the market leader in Germany, accelerate its profitable growth across all markets and advance its long-term ambition to become the finance solution of choice for 1 million clients by 2025.

Qonto was founded in 2016 to facilitate business banking for entrepreneurs and solopreneurs who are often neglected by traditional lenders in Europe, Prot told PYMNTS in an interview posted in February 2022.

For all PYMNTS B2B coverage, subscribe to the daily B2B Newsletter.