Berlin based challenger bank Penta announces its seed financing round of €2.2 million.
Since its launch in December, the boldly branded startup bank has gained wide recognition within the burgeoning startup and business community in Germany.
Penta offers a free business bank account that is free to use and free to open.
Berlin based Penta, a challenger bank for startups and businesses has raised a €2.2 million seed round one month after launching in Germany as its customer growth has gained pace. The thriving FinTech is also announcing the end of its waitlist, which allows German businesses to open a business bank account with Penta today.
A community-focused approach, a promise to make business banking easy and a bold brand has helped the challenger bank gain wide recognition and traction in the business community in Germany. 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.
Penta’s CEO and Cofounder Lav Odorovic said:
“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.
Our primary goal at Penta is to make the lives of business owners easier. To achieve this goal, we’ll continue to hire brilliant people, offer the best customer support and bring Penta to as many businesses in Germany as possible.”
Penta’s unique selling point is that it provides a free bank account as well as a faster service to small businesses who lack the people to run admin tasks, like accounting or expense management of their businesses efficiently.
“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.
Since its launch in December, Penta has proven to be attractive amongst the burgeoning Berlin startup scene as well as with small business owners in Germany because of its ease of opening and its friendly and personalized customer support.
In that regard, business owners in Germany can sign up for in just a few minutes, compared to several weeks at existing banks. The bank account is also free to use and Penta doesn’t charge any monthly fees. Within just a few days of opening an account, Penta customers receive their bright green business MasterCard in the mail.
“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.
We’re giving businesses 10 free transactions per month. Every transaction after the 10th is €0.10 cents. Your Penta account will also come with our beautiful MasterCard for online and offline payments.” said Odorovic.
Businesses that are registered in Germany can open a Penta account today.