Qonto, the French fintech unicorn, gains ownership of Regate after securing substantial funds.
And it is using an undisclosed portion of its cash reserve to acquire Regate, an accounting and financial automation platform.
Qonto originally started with online business accounts with debit cards specifically tailored for small and medium businesses.
After a while, Regate will be integrated in Qonto directly to improve several accounting automation features of Qonto, such as invoicing, accounts payables, accounts receivables, etc.
Qonto finds itself in a different position from Payfit, another French unicorn (or former unicorn) that provides a software-as-a-service tool focused on payroll.
As many fintech startups are struggling to raise a new funding round, Qonto could become a consolidator in the space.
