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Penta raises EUR18.5 million; widens investor network

Penta raises EUR18.5 million; widens investor network

German business banking platform Penta has raised EUR18.5 million in the first closing of a funding round backed by new and current investors.

New investors in the Berlin-based startup include RTP Global, ABN Amro Ventures and VR-Ventures. Existing backers finleap and HV Holtzbrinck Ventures also participated.

Penta focuses on small businesses with 2-50 employees and serves larger customers like CleverShuttle and AirHelp who have 500+ employees. Companies using the platform can apply for a business account within minutes and receive a German IBAN, debit cards for expense management and other financial services.

In September, Penta announced that it had acquired over 10,000 business customers.

Marko Wenthin, CEO and co-founder Penta, says: "By growing the round of investors, Penta will profit from a wider network across Europe, future co-operations and a significant acceleration of growth.”

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