French online banking platform Qonto has announced its plans to buy German peer Penta for an undisclosed sum. 

Founded in 2017, Penta is a neo-bank focused on small and medium-sized businesses, sole proprietors and freelancers.

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The firm employs around 200 people and carters to 50,000 customers in Germany. 

Qonto aims to wrap up the acquisition in the next few weeks as part of its long-term strategy to offer financial services to one million European SMEs and freelancers by 2025. 

With a team of over 700, the French online bank currently serves more than 250,000 customers across four markets that are France, Germany, Italy and Spain. 

Qonto CEO Alexandre Prot said: “When Steve Anavi and I founded Qonto in 2016, we had the ambitious goal of simplifying everyday banking for SMEs and freelancers across Europe. Today, we are already present in four European markets and, while I am very proud of what we have achieved so far, we want to go even further: the natural next step was to join forces with Penta.”

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Penta CEO Markus Pertlwiesersaid: “With the combination of increasing customer numbers and rising revenues, we have gained even more substance in the past 18 months. We are very excited that we now have the chance to actively shape digital banking for business customers in Europe as a team with Qonto.”

Earlier this year, Qonto raised €486m in a Series D funding round at a €4.4bn valuation.

Qonto is backed by the likes of Tiger Global, TCV, Insight Partners, Valar, Alven, DST Global and Tencent.