Berlin-based, the German fintech platform for business banking, Penta has raised a funding round of worth around €18.5 million (USD 20.3 Million). A new investor RTP Global and an existing investor HV Holtzbrinck Ventures have led the new round along with Berliner Volksbank Ventures, ABN AMRO Ventures, and Finleap.
Penta has declared that Alex Pavlov, the Partner of RTP Global; Michael Hock, CFO at Finleap; and Barbod Namini, the Partner of HV will join the Penta’s Board of Directors.
Alex Pavlov from RTP Global states, “We are always searching for exceptional teams who are ready for the sprints, prepare for the marathons and have the tenacity to grow their business and disrupt their respective market. In Penta, we found all of that: a strong team, rapid growth and the mission of solving the problems of their SME customers by thinking outside the traditional banking frame.”
Currently, Penta operates from its headquarter in Berlin and two of its offices in Milan and Belgrade. It allows SMEs (Small and Medium Enterprises) to open an account in Penta and save money by paying on their growth. SMEs can also apply for business accounts within few minutes and get the benefits of a German IBAN, debit card for their fund management and other financial services.
The Co-founder and CEO of Penta, Marko Wenthin states, “We are very delighted to see a strong commitment from such renowned and strategic partners for our vision: reshaping business banking for small and medium enterprises. SMEs are the engine of countries’ economies. With our approach of building a platform, by focusing on their business needs and offering them a veritable one-stop-shop of services, we go way beyond banking. By growing the round of investors, Penta also will profit from a wider network across Europe, future co-operations and a significant acceleration of growth.”
Recently, Penta has signed a partnership deal with SumUp, a BBVA-backed card reader company in order to attract offline businesses including healthcare, restaurants, architects and craftsman. The company enables the platforms to order SumUp Card Reader via Penta and save a pie in SumUp setup fee. Penta also allows the customers to integrate SumUp-powered payments through their Penta account.