Penta is a digital business-banking platform that lets companies apply for business accounts with German IBANs, issue debit cards for expense management, and access other financial services. The company targets small and medium-sized enterprises and markets its product set to streamline business banking. Founded in 2016 and headquartered in Berlin, Penta also maintains offices in Milan and Belgrade. CEO Marko Wenthin said the new capital will be used to accelerate growth in Germany and to continue developing the product offering for SMEs. Financially, Penta has closed its Series B at a total of €22.5 million following an additional €4 million tranche; the company previously raised more than €8 million in August 2019. Penta is a Berlin-headquartered business banking challenger that provides banking services for small and medium-sized enterprises and also operates in Italy. It offers fully digital account opening, multiple payment cards with staff-specific limits and permissions, expense management, and integrations with popular accounting tools. The company partners with SumUp to enable offline businesses to order card readers via Penta, save on setup fees, and integrate SumUp-powered payments with their Penta accounts. In April 2019 Penta was acquired by Finleap, which remains a major stakeholder; Penta is also a customer of banking platform solarisBank. The company has offices in Milan and Belgrade in addition to its Berlin headquarters and has undergone leadership change with Marko Wenthin replacing co-founder Lav Odorović as CEO. Penta continues to expand its SME banking product through partnerships and market growth efforts. Penta provides business banking services and a financial platform tailored to small and medium-sized enterprises (SMEs). The company was founded in 2016 and was recently acquired by fintech company builder Finleap. Penta has a team of more than 50 and operates from offices in Berlin, Belgrade and Milan, the latter added after a merger with Italian micro-business banking startup Beesy. Leadership changed after the acquisition, with Marko Wenthin — a former co‑founder of solarisBank — replacing co‑founder Lav Odorović as CEO. The company is thought to have had more than €18 million invested since inception, including a €7 million Series A in late 2018, and has now secured over €8 million in additional funding. Management says the new capital will be used to invest in product and partnerships and to push internationalisation, starting with Italy. Penta provides a digital business bank account targeting small and medium-sized enterprises in Germany, built on solarisBank's Banking-as-a-Platform rather than holding its own license. Its product includes features aimed at simplifying SME banking and expense management, notably multi-card support called 'Team Access' that issues multiple MasterCards with customizable rules and permissions per employee. Penta launched in Germany in December and pitches itself against incumbent banks by streamlining account opening and lowering fees for payments and international exchange. The company has grown to a team of 40 and plans to expand to 100 employees over the next year. Operating metrics in the article show 68 percent of new customers are switching from existing business bank accounts and 40 percent are newly incorporated businesses. Financially, Penta has raised funding to date and continues to invest in product and team expansion. Penta offers a digital bank account designed to meet the banking needs of small and medium-sized businesses, including startups. It runs on top of Banking-as-a-Platform solarisBank rather than holding its own banking license. The product includes features for tracking employee spending, automating accounting and invoicing, low-cost FX and multiple MasterCards with configurable limits and permissions. Penta plans to launch a marketplace integrating third-party fintechs and service providers to extend its product set. The company launched publicly in Beta to businesses in Germany in December after operating a wait list. It offers free account opening and 10 free transactions per month, with subsequent transactions charged at €0.10 each.

Total raised

$45M

Funding rounds

5

Latest round

Series B

Latest activity

Jul 2020