Introducing an exciting development in the fintech landscape: Qonto, a prominent fintech unicorn, has unveiled its plan to acquire the French fintech company Regate. While the financial specifics remain undisclosed, the deal is poised to be finalized in the coming weeks.
Qonto has carved a niche in simplifying day-to-day banking for SMEs and freelancers through its innovative online business account, which seamlessly integrates invoicing, bookkeeping, and spend management tools. On the other hand, Regate, founded in 2020 and headquartered in Paris, boasts a clientele of 10,000 SMEs and 500 accounting firms, offering an all-in-one accounting and financial automation platform. Notably, Regate secured €20 million in funding in 2022 and presently operates with a team of 100 dedicated professionals.
The merger of Qonto and Regate heralds a new era, promising a broader suite of financial management tools for SMEs and accounting firms alike. With over 450,000 companies leveraging Qonto's solutions to streamline finance management, the integration of Regate will further enrich the offering with enhanced features such as Accounts Payable, Accounts Receivable, and bookkeeping capabilities, ensuring seamless data flow between SMEs and their accounting partners.
Following the acquisition, Regate's 100-strong workforce will be seamlessly integrated into Qonto's existing organizational structure, augmenting the latter's workforce of 1,400 employees. A dedicated business unit will be established, led by Regate's co-founders Alexis Renard, assuming the role of managing director, and Laura Pallier, serving as product director.
Alexandre Prot, CEO and Co-Founder of Qonto, expressed his enthusiasm about the collaboration, stating, "Teaming up with Regate enables us to offer the best finance solution on the market for both SMEs and accounting firms. It will further accelerate our growth and significantly reinforce our market leadership in an increasingly crowded space."
Laura Pallier, Co-Founder of Regate, echoed similar sentiments, emphasizing the unique opportunity to contribute to Qonto's success story and enhance the product offering for customers of both entities.
With this strategic acquisition, Qonto solidifies its position as a frontrunner in the European fintech landscape, poised to deliver unparalleled value to businesses and accounting professionals across the continent.
