German Neobank acquired by Ageras Group as Fintech continues European expansion

The Berlin-based new bank focused on the complex accounting and banking needs of Germany’s growing population of micro-enterprises and the self-employed, Contisthas been acquired by Ageras Groupthe financial matchmaking service, as it looks to expand its all-in-one fintech offering for SMEs.

“This acquisition is a critical step in Ageras’ growth,” said Ageras’ co-founder and CEO Rico Andersen. “Kontist has created the best product in Europe’s largest market. It is a one-stop financial shop for approximately 50,000 German small business owners today and is perfectly positioned to become the financial platform for future generations of small business owners who need modern banking and accounting tools.”

Founded in 2016 by fintech veteran Christopher Planter as Germany’s first neo-bank focused on freelancers and the self-employed, 150 people Kontist has developed a reputation for its modern business bank and its highly sophisticated digital tax and accounting software.

Kontist offers self-employed and micro-business owners bank accounts, payment card and accounting functions, as well as tax return calculation and filing, all via its app. Kontist’s bank accounts also automatically calculate relevant sales and income taxes and set aside estimated taxes owed, among other services designed to protect business owners in the midst of Germany’s uniquely complex tax laws.

“Under Ageras, we will be able to benefit from an international accounting and finance ecosystem and continue to advance our position as the largest player in financial services and tax services for the self-employed,” said Kontist’s co-CEO. Benjamin Aces. “With annual growth rates of nearly 100 percent in recent years, we have only scratched the surface of what is a huge opportunity.”

After the acquisition, Ageras’ operating income will increase by approx. 40 percent and climb closer to the company’s milestone of €30 million annually. Kontist’s employees will join Ageras’ 200, bringing the total number of employees to 350 employees based in Denmark, the Netherlands, Germany, the USA, Finland and Poland. Kontist founder and co-CEO Christopher Plantener will continue to work for Kontist under Ageras.

Kontist is the third acquisition made by Ageras in the last 12 months. Part of Ageras’ aggressive expansion strategy, the fintech startup with roots in Copenhagen has raised more than $100 million in a series of funding rounds since early 2021. After initially launching as a marketplace for small business owners to find accountants in Denmark in 2012 , Ageras has expanded far beyond into a series of fintech tools for freelancers and micro-business owners. Something of a financial “cockpit” for small businesses, Ageras’ products – Salary, Zervant, Billy – provide payroll, invoicing and accounting software services in Europe and North America.

“Our acquisition is an investment in the future of work,” said Ageras Group’s co-founder and CEO Rico Andersen. “Kontist’s founders understood when they created the company that old banks and accounting software no longer work in a Germany where there are millions of micro-enterprises. And as more Germans choose to become self-employed, no company is better positioned to become their bank of choice than Kontist. And we see great future growth opportunities and immediate benefits for Ageras’ current clients who will gain expanded access to Kontist’s sophisticated German tax software.”

Andersen added: “Acquiring Kontist not only gives us the strongest product in Germany, but also fits into our long-term plan. Our strategic focus is still to combine accounting and admin with financial services – something Kontist has perfected. We will leverage Kontist’s technology to help us accelerate our services to self-employed and micro-business owners across a dozen other markets in Europe and North America.”