German business banking player Penta tops-up Series B by €4m

By Oliver Smith on Tuesday 7 July 2020

Digital Banking

Taking its total funding in this round to over €22.5m

German business banking player Penta tops-up Series B by €4m
Image source: Marko Wenthin/Penta.

Berlin-based Penta has topped up its €18.5m Series B funding round from March with an additional €4m from new investors. 

Today it was announced that S7V and Presight Capital along with two family offices would be joining existing investors including RTP Global, HV Holtzbrinck Ventures, ABN AMRO Ventures and Finleap. 

CEO Marko Wenthin didn’t say much on what the additional cash would be used for beyond to “continue developing our product offering”. 

“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,” he added. 

In May Penta expanded its offering to include business banking for freelancers and the self-employed, having previously only been open for companies with two or more employees. 

Freelancers, companies and the self-employed can sign up to Penta and receive a German IBAN within minutes. 

Penta’s users are then able to order a debit card, manage their expenses, create sub-accounts and manage their company’s cash flow, similar to Tide’s offering in the UK, with plans starting at €9/month. 

Penta does not have its own banking licence, rather it has partnered with solarisBank, whose main purpose is to enable other companies to utilise its banking licence.

Sign up for our newsletters

Your daily 7am download of all things alternative finance and fintech.

Fintech and alternative finance headlines with an exclusive Editor's Note each week. Delivered Monday at midday.

AltFi's new weekly US newsletter breaking down the ins and outs of America's burgeoning fintech sector. Delivered Monday 9am EST/ 6am PST.