Digital Banking Group Penta Secures More Than €4 Million in New Funding
Digital bank Penta announced on Tuesday it has more than €4 million in funding from new international investors. Penta reported that this second closing of its financing round increases the total investment of its Series B to more than €23 million. The new investors include S7 Ventures, Presight Capital, and two family offices.
As previously reported, Penta describes itself as a digital platform for business banking that is aimed towards SMEs and startups. Its key mission is to disrupt business banking in Europe and Worldwide.
“Our vision is to build a platform of connected services around a bank account which would allow business owners to use one platform for all their financial needs. Penta is designed to let business owners save time and money on banking so that they can focus more on their core business.”
Penta also claims it offers more features than traditional banks, including the ability to get multiple Mastercards per company, law foreign transfer rates, fast online support in English and German, and flexible pricing. Speaking about the investment, the Penta team stated:
“Despite the corona crisis and the restraint that can be observed on the market, we succeeded in convincing new renowned investors. S7 Ventures is a globally oriented venture capital company that focuses on companies in early and growth phases. In addition to Penta, S7 Ventures also invested in other fintechs, for instance the leading mobile-first neobank in Spain Bnext and the Colombian financial services provider Addi.”
Penta’s CEO, Marko Wenthin, added:
“We are very pleased to complete the second closing and that we can welcome such great new partners. 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.”