Penta, the digital platform that aims to redefine business banking for SMEs, raised over €8 million in a funding round led by HV Holtzbrinck Ventures and joined by finleap and Fabrick. HV counts major fintech and tech players such as payment provider SumUp, digital wealth manager Scalable Capital and mobility pioneer Flixbus within their portfolio.
The funding comes at a time where the company positions itself at a new beginning: after the acquisition by finleap and the merger with Beesy, a finleap company in Italy focused on digital financial management solutions for micro-businesses, Penta now operates from three offices located in Berlin, Milan and Belgrade. Their team of over 50 people is led by CEO Marko Wenthin, Co-founder and former CCO of solarisBank.
Founded in 2016, Penta provides a digital platform for business banking. Companies can apply for a business account within minutes and receive a German IBAN, debit cards for expense management and other financial services.
Penta CEO Marko Wenthin commented: “Penta has shown an incredible amount of passion for the market, the customers, and the product. It is amazing to see what the team has built since their inception. This funding will allow us to further invest into our product and partnerships to become the financial platform of choice for small and medium sized companies. Additionally, we will push the internationalisation of Penta, starting with Italy this year.”
Barbod Namini, Partner at HV, stated: “We strive to back exceptional teams, looking to build transformational companies that challenge the status-quo and disrupt huge markets. In Penta, we found an incredibly talented team with a huge ambition and a product centric and customer-oriented approach. We are looking forward to being a close partner to Penta on the road to redefining business banking in Europe.”
Penta has shown some nice growth, serving close to 10,000 companies with their digital banking service since their launch in December 2017. Based on its fast and easy business banking model, Penta has already launched several products in just one and a half years. These include debit cards for teams, expense management, integrated accounting solutions with Debitoor and lexoffice, and international payments in 35 currencies and 212 countries.