Qonto snaps up finance automation start-up Regate to bolster accounting services
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.
Qonto acquires Regate
Founded in 2019, Regate provides a platform that automates recurring accounting and financial monitoring processes for small and medium-sized enterprises (SMEs).
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 integration of Regate’s services into its existing platform will enable Qonto to offer accountants “a shared interface with their customers, from which they can start generating accounting entries in a matter of seconds”, the company writes on LinkedIn.
Qonto hopes the deal will help it increase its client count to one million SMEs by the end of next year.
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.
The same year, a €486 million Series D funding round saw Qonto’s valuation top €4.4 billion.
