Penta, the German digital-only bank account for startups and SMEs, raises €2.2M seed
Penta, the German ‘challenger’ bank that offers a virtual bank account targeting SMEs, has raised €2.2 million in investment. The seed spherical is led by way of Inception undertaking Capital, a new London-based totally VC firm with a heavy fintech consciousness, and will be used for further hiring, product development and to fuel growth.
walking on top of Banking-as-a-Platform solarisBank (instead of conserving a banking license of its personal), Penta is designed to fulfill the banking desires of small to medium-sized businesses, which includes startups. It launched publicly in Beta to groups in Germany in December, although there has been to begin with a wait list, which I’m advised is being lifted nowadays.
on the time of release, co-founder and CEO Lav Odorovic argued that SMEs and startups are currently underserved by means of incumbent banks, which sees account starting being cumbersome and much greater difficult than it have to be, whilst SMEs are charged exorbitant charges for making payments or international money exchange.
Penta has set out to address this and different unmet SME desires, along with monitoring employee spending and automating accounting and invoicing. “We in the long run concluded that business owners need a fully digital financial institution that’s clean to apply and that has the apps and products they want to assist them scale faster, keep greater money and time,” Odorovic said.
The reference to “apps” is where the upstart’s market banking comes into play (a strategy being pursued in one shape or any other with the aid of a plethora of fintech startups, including the U.ok.’s Starling, Curve, and Monzo, and Germany’s own N26). this could see Penta combine the exceptional 1/3-party fintechs and other service companies to fulfill the wishes of SMEs, in preference to clearly growing and up-promoting its very own products.
part of the seed spherical might be used to release the Penta market of third party products. these will include automated accounting, low-fee FX, and a couple of mastercards with limits and permissions that can be given out to an SME’s numerous personnel.
“We want to help corporations get off the floor as speedy as viable without them having to worry approximately worrying banking bureaucracy or paying pesky fees. That’s why Penta is loose to open and unfastened to use,” says Odorovic in a statement. “We’re giving businesses 10 unfastened transactions consistent with month. every transaction after the tenth is €zero.10 cents. Your Penta account will also include our lovely [bright green] mastercard for on line and offline payments”.
Monday, February 5, 2018
The Ibex-35 closes down but holds on the 9,100 points Bankia, Sabadell, Bankinter, Inditex and Telefónica collaborated to maintain selective...
Valerio insists that they will approve changes in the labor reform "before exhausting the legislature"Valerio insists that they will approve changes in the labor reform "before exhausting the legislature" The PP asks him not to touc...
«If the boxes hid something in Bankia, the first one deceived was me» Verdú, former CEO, follows the defensive line of "it was not my r...