Leading the round is new investor RTP Global and existing investor HV Holtzbrinck Ventures. Also participating is ABN AMRO Ventures, and VR-Ventures, and Finleap (the fintech company builder that has a major stake in Penta).
The new investment sees Alex Pavlov, Partner RTP Global, join Penta’s board, which also includes Barbod Namini, Partner at HV, and Michael Hock, CFO at Finleap.
Comments RTP Global’s Pavlov: “We are always searching for exceptional teams who are ready for the sprints, prepare for the marathons and have the tenacity to grow their business and disrupt their respective market. In Penta, we found all of that: a strong team, rapid growth and the mission of solving the problems of their SME customers by thinking outside the traditional banking frame”.
Headquartered in Berlin, with offices in Milan and Belgrade, Penta provides banking for small and medium-sized enterprises (SMEs). In April 2019, it was “acquired” by Finleap, the German company builder that co-founded and also owns a stake in banking platform solarisBank, of which Penta is a customer. Shortly after the deal went through, it was confirmed that Marko Wenthin, who previously co-founded solarisBank, had become Penta’s new CEO, replacing outgoing CEO and Penta co-founder Lav Odorović.
Most recently, the banking fintech partnered with BBVA-backed card reader company SumUp in a bid to attract more offline businesses, such as restaurants, craftsman, healthcare and architects. Businesses can order a SumUp Card Reader via Penta, and in doing so will save money on the initial SumUp setup fee and be able to seamlessly integrate SumUp-powered payments with their Penta account.
They also get access to the existing Penta features, such as being able to open a business banking account entirely digitally, issue multiple payment cards, grant limits and permissions per card for staff, facilitate expense management and integrate with popular accounting tools.
Article curated by RJ Shara from Source. RJ Shara is a Bay Area Radio Host (Radio Jockey) who talks about the startup ecosystem – entrepreneurs, investments, policies and more on her show The Silicon Dreams. The show streams on Radio Zindagi 1170AM on Mondays from 3.30 PM to 4 PM.