The neobank Penta is announcing a €2.2 million seed round to accelerate its growth and open its modern bank account to German businesses.
Penta is a Berlin-based Fintech that has launched a challenger bank set to connect startups and businesses across Germany with the best fintech and business apps on the market. Surfing on the new trend of marketplace banking, the start-up has built a strong community-focused approach to make business banking much easier.
The investment round was led by Inception Capital, a FinTech focused VC based in the UK. The funding will be used to further hiring in order to support its growing customer base, to build out its service and to launch its marketplace of third party products like automated accounting, low-cost FX, and multiple MasterCards with limits and permissions.
According to Penta’s CEO and Cofounder Lav Odorovic:
“Since our launch, we’ve received a fantastic endorsement for our proposition. It shows that Germany’s traditional banks are miserably failing to satisfy business owners and that our offering of a really easy to use business bank account is very attractive and useful.”
Penta is a operating under Berlin based solarisBank who provides the start-up with the banking license. Its value proposition will come from a fast service delivered to small businesses who lack the people to run admin tasks, like accounting or expense management.
“Startup founders and business owners waste so much time and money dealing with annoying admin tasks. That’s why we’re offering the tools that can help you get business banking done in a fraction of the time.” Odorovic said.
Business owners in Germany can now open a bank account in just a few minutes, compared to several weeks at existing banks, with no fees up to 10 transactions per month. Every transaction after the 10th is charged €0.10 cents.
“We want to help businesses get off the ground as quickly as possible without them having to worry about annoying banking bureaucracy or paying pesky fees. That’s why Penta is free to open and free to use,” said Odorovic.