Berlin based digital bank Penta has announced that after only 18 months of operation it has acquired over 10,000 business customers. User numbers have increased over 200% in the past two months, according to a release. Penta is a partner of Berlin-based solarisBank.
In August, Penta raised €8 million in an investment round led by HV Holtzbrinck Ventures.
Penta is an SME focused digital bank targeting small businesses with 2-50 employees. Penta also serves some larger customers like CleverShuttle and AirHelp who have 500+ employees. Penta reports that 68% of the bank’s new customers accounts are businesses who are switching from their existing bank to Penta, while the other 32% are businesses who are startups.
Penta CEO Marko Wenthin commented on the milestone:
“Reaching 10,000 business is 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 who are going the extra mile to help serve our customers.”
Wenthin was appointed CEO of Penta this past June. Previously, Wenthin was Chief Commercial Officer and co-founder of solarisBank – a banking as a service platform that has a banking license.
In the coming months, Penta plans to introduce new features including international transfers, online lending and more. The Fintech publicly posts its roadmap here including a forthcoming expansion in Italy.
“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 Team Management 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,” stated Wenthin.
Penta currently employs approximately 70 people.