Penta, a digital banking platform for businesses, has collected €8m in its new funding round led by HV Holtzbrinck Ventures.
Other contributions to the round came from FinTech company builder finleap, and Italian open banking solution Fabrick.
Penta is an online banking services designed for small and medium-sized businesses, supplying them with a German IBAN and current account, debit Mastercard, real-time spending overview, and custom categories for transactions.
The company has launched several products since launch including debit cards for teams, expense management, integrated accounting solutions with Debitoor and lexoffice, and international payments in 35 currencies and 212 countries.
The German challenger bank has served more than 10,000 companies since it launched its services in 2017.
Penta CEO Marko Wenthin said, “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.â€
The investment comes less than a year since its former round, a €7m investment from Inception Capital. Funds from the round were used to increase the size of its team.
Earlier in the year, finleap acquired Penta for an undisclosed amount. Finleap helps to build FinTech companies and solutions by giving them access to seed capital, and a network of investors and entrepreneurs.
Alongside the acquisition, Penta formed a partnership with finleap portfolio companies Beesy. The company offers freelancers with access to digital banking tools.
Copyright © 2019 FinTech Global
