Business bank account Penta today announced a €7 million investment in a funding round led by Inception Capital. According to the Berlin-based startup, user numbers have increased over 900%, since the company’s last fundraise just eight months ago. This brings Penta’s total fundraising to €10 million.
A transparent, community-driven approach and active commitment to great customer service has helped Penta win favour of the German business community since launching back in December 2017. In the beginning of this year, we mentioned Penta as one of “10 German startups to look out for in 2018“.
The funding will be used to drive Penta’s hiring efforts, as the team works hard to support its growing user base and to build its marketplace offering. Based in Penta’s Berlin HQ, the team now numbers 40 with plans to grow to 100 in the coming year.
Penta CEO and Co-founder Lav Odorovic said: “We’re very happy to have closed our Series-A as it’s a huge endorsement for the product we’re offering and the customer’s we’re serving. We’re grateful to have such brilliant and passionate team as well as investors who have unparalleled skills in building global businesses. We’re fortunate to have great traction so we did not have to look for new investors (something which is often tedious and time consuming) as a result we had more time to focus on the business and serving the needs of our customers.”
The ultimate goal of Penta is to make it as easy as possible for business owners to manage and make the most out of their time and money while offering them the best products on the market. In addition to being able to open a business bank account online in minutes, Penta’s customers can also issue multiple MasterCards to their team for easy expense management. In the coming months, Penta plans to introduce other exciting features including automated accounting, international transfers and more. Anyone can see and comment on what Penta is working on, on their Open Product Roadmap.
68% of Penta’s new customers accounts are businesses who are switching from their existing bank to Penta, while the other 40% are businesses who are incorporating.
Lav Odorovic added: “Startup founders and business owners waste so much time and money dealing with annoying admin tasks. That’s why we’re offering the tools like Multi-User that can help you get business banking done in a fraction of the time. We want to help businesses owners spend less time banking and more time focusing on their business.”
By the way: If you’re interested to join a fast-growing startup like Penta, make sure to check out the EU-Startups Job Board.