German business banking start-up Penta tops up Series B by €4m
Penta, an online banking service for German and Italian businesses, has landed €4 million from new investors.
Among the new backers is S7V, which has also invested in Spanish neobank Bnext and consumer credit service Addi in the last year.
Presight Capital, the international venture arm of Apeiron Investment Group, also joined as a new investor.
Headquartered in Berlin, Penta has offices in Milan and Belgrade. It offers businesses a current account “within minutes”, along with a national IBAN, and debit cards for expense management.
Penta’s Series B
The financing round adds to the fintech’s Series B in March which raised €18.5 million, boosting the round total to €22.5 million.
The March round saw RTP Global and existing investor HV Holtzbrinck Ventures co-lead the investment. It also saw participation from ABN AMRO Ventures, VR-Ventures and finleap, which has a major stake in Penta.
Shortly after Penta was ‘acquired’ by finleap, Marko Wenthin – co-founder of Penta customer solarisBank – became Penta’s new CEO.
“In the current coronavirus crisis, it is a strong signal that there are still investors looking out for outstanding companies,” says Wenthin on the final close of Penta’s Series B.
“With the new capital, we plan to accelerate our growth path in Germany and continue developing our product offering for SMEs [small and medium-sized enterprises].”
Wenthin said in March that the ultimate aim is to create “a veritable one-stop-shop of services” which go “way beyond banking”.
Managing partner at S7V, Oleg Gordienko, believes SMEs are still “substantially underserved” by financial institutions.
Gordienko praises Penta’s “unrivalled” management team its focus on added value for SMEs as reasons for the investment.
Co-founder of Presight Capital, Christian Angermayer, also praises Penta’s “great and diverse management team”.
He adds that “the growth potential” and “promising business model” played key roles in the investment.