Digital bank Penta announced on Tuesday it secured €18 million through its latest round of funding, which was led by RTP Global with participation from ABN AMRO Ventures, VR-Ventures, finleap, and HV Holtzbrinck Ventures. The latest funding round comes six months after Penta raised €8 million.
As previously reported, Penta describes itself as a digital platform for business banking that is aimed towards SMEs and startups. Its key mission is to disrupt business banking in Europe and Worldwide.
“Our vision is to build a platform of connected services around a bank account which would allow business owners to use one platform for all their financial needs. Penta is designed to let business owners save time and money on banking so that they can focus more on their core business.”
Penta also claims it offers more features than traditional banks, including the ability to get multiple Mastercards per company, law foreign transfer rates, fast online support in English and German, and flexible pricing. Speaking about the latest round of funding, Marko Wenthin, CEO and Co-Founder Penta, stated:
“We are very delighted to see a strong commitment from such renowned and strategic partners for our vision: reshaping business banking for small and medium enterprises. SMEs are the engine of countries’ economies.”
Alex Pavlov, Partner at RTP Global, further commented:
“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.”
Penta added that its planning to use the new funds to further develop its digital platform in order to “enhance the services” for corporate clients, with a strong focus on tech, product, custom service, and marketing.
