Berlin-based neobank Penta has past the significant 10,000 business customers milestone.
This means the challenger bank has grown its user numbers by over 200% since July. Of those new clients, 68% are customers switching from other banks and 32% are startups.
Penta raised €8m in August in a round led by HV Holtzbrinck Ventures, the venture capital firm.
The digital bank is focusing on small businesses with between two to 50 employees, but also serves some larger customers like CleverShuttle and AirHelp.
Penta CEO Marko Wenthin said, “Reaching 10,000 business is 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 who are going the extra mile to help serve our customers.”
In the coming months, Penta plans to introduce new features including international transfers, online lending and more. The Fintech publicly posts its roadmap here including a forthcoming expansion in Italy.
Wenthin continued, “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 Team Management 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,” stated Wenthin.
The German FinTech scene has reached several milestones recently. For instance, Rocket Internet, the German incubator, netted an impressive €528m ($605m) in profit in the first half of 2019. In the same period, the country’s sector raised over $2.07bn in total.
Copyright © 2019 FinTech Global
