German challenger bank Penta has topped up its Series B adding an additional €7.5m injection, therefore bringing its total amount raised to €30m.
The new round was led by existing investor ANB AMRO Ventures with participation from Finleap, HV Capital – investor in Scalable Capital and Hello Fresh, RTP Global, Presight Capital, VR Ventures, and S7V which previously invested in BUX and Oxygen.
With the aim to reshape digital banking for SMEs, the FinTech firm intends to use the latest funding amount to grow its product offering by tailoring them to specific sub-sectors, as well as offer fully-fledged bank accounts to businesses of all kinds. It also plans to venture beyond business accounts for companies by extending its services to sole traders, freelancers and sole proprietors.
Having 25,000 business customers on the platform currently, the digital bank eases the process of receiving a German IBAN, debit cards, provided expense management and other financial services for its business clients.
In the previous year, the digital bank launched a slew of features including the DATEV integration which synchronises receipts and transactions. Furthermore, Penta teamed up with WeltSparen to tackle the current interest rate environment with investment solutions such as overnight and fixed-term deposits.
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