Penta, founded in May 2016 in Germany’s capital city Berlin, has received a 7 million euro Series A investment. In total with their seed funding included, collecting a total of 10 million euros in a very short time, the digital banking startup set out with a model targeting only SMEs. Inception Capital, a digital bank seed investor, also invested in Penta on a Series A tour.
The bank, which operates as Banking-as-a-Platform and operates with the solarisBank infrastructure instead of taking a self-license, is helping to manage company accounts from small to medium-sized enterprises to startups. The startup, which allows this management to be made very transparent, allows multiple users to access the account with different authorizations.
A Penta bank account can be opened in a very short time. Penta has agreed with Mastercard about the card, and the card with a Mastercard logo is being sent to your address after you have opened your account. While the account model called Basic is free, there is a monthly usage fee when you have more than one card and user requests. By paying 9 euros or 19 euros per month to Penta, you can also switch to Advanced and Premium account models.
Penta, which has already provided services to many German SMEs, seems to be more prominent with its recent investment. The team of 40 people is expected to reach 100 people in the coming year. It is possible to say that Penta will allocate a significant portion of the investment to human resources. Another information shows that 68 percent of new customers have changed their own banks for Penta.