Qonto snaps up finance automation start-up Regate to bolster accounting services - : Fintech news
Summary
Qonto, a business banking fintech based in Paris, France, has acquired Software-as-a-Service (SaaS) finance automation start-up Regate for an undisclosed sum. With services pertaining to payments, reconciliation, corporate cards, and supply chain and expenses management, the start-up claims to currently support over 20,000 clients. It last raised $20 million two years ago from backers including Valar Ventures, 360 Capital, Financiere Saint James, and AG2R La Mondiale. For Qonto, the deal – which will also see it absorb Regate’s 150-strong team – will enable it to bolster its product suite, which currently consists of online business accounts alongside invoicing and expenses management, cash flow, and bookkeeping services. The fintech currently operates across France, Italy, Spain, and Germany, with its presence in this latter market being reinforced through its previous acquisition of business banking platform Penta in 2022.