Berlin based fintech Penta announces new financing round as it’s customer numbers are rapidly growing by the thousands in Germany.
Berlin based Fintech Penta raises €7 million Series-A
Thousands of businesses all of Germany use Penta’s distinctive Fly Green cards, a 900% increase from the company’s previous funding round
68% of Penta’s customers are businesses switching from their existing bank to Penta
The investment was made by existing investors Inception Capital
Business bank account Penta announced a €7 million investment round as its customer base continues to grow at pace. User numbers have increased over 900%, since the company’s last fundraise just eight months ago. This brings Penta’s total fundraising to €10M.
A transparent, community-driven approach and active commitment to world-leading customer service has helped Penta win favour of the German business community since launching back in December 2017.
The funding will be used to drive Penta’s hiring efforts, as the team works hard to support its growing user base and to build its marketplace offering. Based in Penta’s Berlin HQ, the team now numbers 40 with plans to grow to 100 in the coming year.
Penta CEO and Cofounder Lav Odorovic said, “We’re very happy to have closed our Series-A as it’s a huge endorsement for the product we’re offering and the customer’s we’re serving. We’re grateful to have such brilliant and passionate team as well as investors who have unparalleled skills in building global businesses.
We’re fortunate to have great traction so we did not have to look for new investors (something which is often tedious and time consuming) as a result we had more time to focus on the business and serving the needs of our customers.”
Our ultimate goal is to make it as easy as possible for business owners to manage and make the most out of their time and money while offering them the best products on the market. To help us achieve this goal, we will continue to hire brilliant people while continuing to focus on building the best business bank account that Europe has to offer.”
In addition to being able to open a business bank account online in minutes, Penta’s customers can also issue multiple MasterCards to their team for easy expense management. In the coming months, Penta plans to introduce other exciting features including automated accounting, international transfers and more. Anyone can see and comment on what Penta is working on, on their Open Product Roadmap.
68% of Penta’s new customers accounts are businesses who are switching from their existing bank to Penta, while the other 40% are businesses who are incorporating.
“Startup founders and business owners waste so much time and money dealing with annoying admin tasks. That’s why we’re offering the tools like Multi-User that can help you get business banking done in a fraction of the time. We want to help businesses owners spend less time banking and more time focusing on their business,” said Odorovic.