Penta has received series A funding to expand its Banking-as-a-Service platform for small- and medium-sized businesses (SMEs). The investment comes from Holtzbrinck Ventures, a new investor to the company and one of the largest investors in Europe. Existing investors finleap and Fabrick also participated in the funding round which was announced today in a press release.
Grinding Their Own Path
The Berlin-based startup has been busy since its founding in December 2017. The fintech has launched services such as debit cards, business expense management, integrated accounting solutions, IBANs and others for SMEs. Since 2017, they’ve served over 10,000 digital businesses.
Penta has already spent 2019 making some major changes to set it up for success. In April, finleap, Europe’s largest fintech accelerator, acquired the banking platform. The accelerator also participated in today’s round of funding.
The Penta platform is unique in the ease and speed with which companies can open and manage their online accounts. They will be collaborating with Beesy to build easy-to-use banking services for small digital businesses. Their services mean companies can spend more time developing products. Beesy is another banking as a service company from finleap. Their focus is on serving freelance digital workers.
Pole Position and New Markets
Penta plans to use the funding to push their services to become the leading banking platform for small and medium sized businesses. They will also break into the Italian market this year.
Marko Wenthin, their CEO said, “Penta has shown an incredible amount of passion for the market, the customers, and the product. It is amazing to see what the team has built since their inception. This funding will allow us to further invest into our product and partnerships to become the financial platform of choice for small and medium sized companies. Additionally, we will push the internationalisation of Penta, starting with Italy this year. We are very proud to welcome our new investor on board, and we are happy to work together in order to continue creating a truly innovative and digital banking experience for SMEs.”