Digital business bank Penta has collected €4m in a new funding round, adding to the €18.5m it raised in March for its Series B.
The capital infusion was supplied by S7V, Presight Capital and two unnamed family offices.
Penta closed its initial €18.5m Series B round in March, with contributions coming from RTP Global, ABN Amro Ventures and VR-Ventures. Previous Penta backers HV Holtzbrinck Ventures and finleap also joined the round.
With the Series B funds, the company is looking to increase its product development, including the improvement of its technology, product, customer service and marketing. Funds are also being put towards expansion into other European countries.
The FinTech supplies small businesses with a German IBAN and current account, debit Mastercard, real-time spending overview and custom categories for transactions. A customer can get Mastercards for their employees, set specific spending limits and add receipts with one click.
Penta CEO Marko Wenthin said, “We are very pleased to finalize the second closing and to add such great new partners on our investor side. Especially, in the current corona crisis, it is a strong signal that there are still investors looking out for outstanding companies. With the new capital, we plan to accelerate our growth path in Germany and continue developing our product offering for SMEs.”
Last year, the company surpassed 10,000 customers on its platform.
The German FinTech raised an €8m funding round in 2018 from investors including HV Holtzbrinck Ventures, finleap and Fabrick.
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