FinTech: Banking Challenger Penta Raises €18.5M
Led by RTP Global and HV Holtzbrinck Ventures, it is the first closing of a new funding round.
Penta is a Berlin-based business banking startup bank focusing on small and medium-sized enterprises. Also operating in Italy, Penta was acquired in 2019 by Finleap, the co-founder of solarisBank. In the same year, Penta acquired Beesy, an Italian micro-business banking startup, and started operating an office in Milan. It raised €18.5 million in a funding round.
The digital challenger bank’s funding also drew commitments from ABN AMRO Ventures, VR-Ventures, and Finleap. (Yahoo! Finance)
It plans to use the new funding to further enhance its digital platform, hire more staff, and expand into other European markets.
Penta claims its services are superior to traditional banks. It allows multiple Mastercards per company, lower costs for foreign remittances, and flexible pricing. It also offers a corporate card-linked expense management platform that allows business owners and administrators to set custom limits for each employee with real-time notifications.
Moreover, Iwoca Germany offers loans of up to €100,000 through Penta’s platform.
Penta’s innovative solutions for SME customers
“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,” said Alex Pavlov, Partner RTP Global. “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.”
Further, Pavlov has joined Penta’s board after the latest funding.
Marko Wenthin, CEO and Co-Founder Penta stated: “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.”
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