Denmark-based Ageras Group has announced the acquisition of German neo-banking firm Kontist for an undisclosed sum.

Kontist, which was founded by fintech veteran Christopher Plantener in 2016, is focused on catering to freelancers and the self-employed.

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With a team of 150, the neo bank offers bank accounts, payment cards, and accounting features along with other services such as a tax returns calculator and filing via its app.

Kontist’s bank accounts automatically calculate relevant sales and income taxes and set aside estimated taxes due to aid customers in complying with German tax laws.

As per the agreement, Kontist’s entire team will join Ageras, which offers a suite of financial and accounting software services to small businesses across Europe and North America.

Ageras Group co-founder and CEO Rico Andersen said: “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 businesses.

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“And as more Germans choose to become self-employed, no company is better positioned to become their bank of choice than Kontist.”

The Kontist deal is part of Ageras’ expansion strategy and is the third acquisition by the firm in the last 12 months.

The Copenhagen-based firm has raised more than $100m in a series of funding rounds since early last year.

Kontist co-CEO Benjamin Esser said: “Under Ageras, we will be able to benefit from an international accounting & financial ecosystem and continue to foster our position as the number one financial services and tax player for the self-employed.  

“With annual growth rates of nearly 100% over the past few years, we have only scratched the surface of what is a tremendous opportunity.”