Qonto Buys Regate and Aims to Reach One Million Customers in 2025

Qonto, the fintech company specialized in financial management for SMEs and the self-employed, has completed its second acquisition. The entity has purchased from the French company Regate, a financial automation platform aimed at the accounting departments of companies. The company does not detail the amount of the operation.

With this acquisition, Qonto incorporates Regate’s 120 employees (in total it will have a staff of 1,500 people) and the company’s 20,000 clients. Thanks to the acquisition, it plans to accelerate its customer acquisition plans , since the fintech has the goal of reaching the magic figure of one million in 2025, which would mean doubling the current number (it has 450,000 business users).

“Acquiring Regate specifically helps us significantly accelerate in the accounting area. With this agreement, we will not only enhance our current solution for SMEs with additional financial tools, but we will also launch a specific product for accounting firms. We have an ambitious goal: to reach the threshold of one million customers by the end of 2025,” Qonto co-founder Alexandre Prot explained.

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Qonto is active in France, Spain, Germany and Italy

Regate is active in France and Spain and offers a control center to monitor accounting tasks, such as supplier invoices, customer invoices, payments, budgets or treasury management. This offering will soon be integrated into Qonto, which offers digital accounts for businesses , combined with financial tools such as invoicing, accounting and expense management.

“Regate offers a complete set of financial management and accounting solutions designed to meet the needs of SME businesses and a dedicated solution for accounting areas. With the Regate product integrated into the Qonto offering, accountants will benefit from a shared and collaborative interface with their clients, from which they can start generating accounting departments in a matter of seconds,” said Prot.

This is the second purchase made by Qonto

In 2022, the company acquired the German neobank Penta, specialized in business financing for SMEs and the self-employed . In that sense, the CEO of the fintech assures that they will look for new operations to grow inorganically.

“We invest in internal product development, explore strategic alliances and also acquisitions. In July 2022, we acquired Penta and completed its integration at the end of 2023. Looking ahead, mergers and acquisitions will continue to be an inherent part of our growth strategy,” said Alexandre Prot.

Qonto is active in France, Spain, Germany and Italy. Likewise, the company plans to launch new products to expand the portfolio.

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(Featured image by Tumisu via Pixabay)

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First published in CincoDias. A third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.

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