Berlin based Fintech Penta raises €7 million Series-A

Berlin based Fintech Penta raises €7 million Series-A
15.10.2018 09:12 am

Berlin based Fintech Penta raises €7 million Series-A

Investment , Banking , FinTech StartUps

Business bank account Penta today announced a €7 million investment round as its customer base continues to grow at pace. User numbers have increased over 900%, since the company's last fundraise just eight months ago. This brings Penta’s total fundraising to €10M.

A transparent, community-driven approach and active commitment to world-leading customer service has helped Penta win favour of the German business community since launching back in December 2017.

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 Cofounder 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.”

Our ultimate goal 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. To help us achieve this goal, we will continue to hire brilliant people while continuing to focus on building the best business bank account that Europe has to offer.”

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.

“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.” said Odorovic.

Related News

Tech of tomorrow revealed: Virtusa’s Trend Almanac identifies top digital investment trends for 2019

Virtusa xLabs, an innovation practice within Virtusa, has identified the 10 most influential technology trends that industry, business, and tech leaders need to know as they... Read more »

Peltarion secures US$ 20M series A funding to advance humankind through AI

This latest round brings Peltarion’s total funding to US$ 34 million to date, including previous investment from FAM, the holding company privately owned by the three largest... Read more »

genesis secures $3m Series A funding from Illuminate Financial and Tribeca Angels

genesis, the international capital markets software firm, today announced the completion of its Series A financing round, securing a total of $3m from Illuminate Financial, a U... Read more »

Aspiring Blockchain bank BABB raises 1.4m to help Unbanked

BABB has successfully completed its equity crowdfunding through Crowdcube, raising more than £1,400,000 from 1,232 investors... Read more »

iSignthis Completes $10m Institutional Placement

iSignthis Ltd (ASX : ISX | DE : TA8) (Company) is pleased to advise that it has today successfully secured a placement of 68,965,517 ordinary shares in the Company to a number... Read more »

AI-powered InsurTech Concirrus closes £5 million funding to service growth in customer demand

Concirrus, the London-based InsurTech company leading the Marine and Motor Analytics market change, has raised £5... Read more »

Free Newsletter Sign-up
+44 (0) 208 819 32 53 +44 (0) 173 261 71 47
Download Our Mobile App