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Penta tops up Series B by €7.5 million

Penta tops up Series B by €7.5 million

German digital bank Penta has topped up last year's Series B round with a further investment from finleap, HV Capital, RTP Global, Presight Capital, S7V and VR Ventures, and ABN Amro Ventures.

Penta closed two financing rounds last year for a total of €22.5 million. The new capital injection adds a further €7.5 million, bringing the total raised to €30 million.

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.

Penta says it continues to demonstrate continuous growth in the face of the pandemic, with 25,000 business customers now live on the platform. With the new funding in place, the company intends to break down its offerings with products tailored to specific sub-sectors, building on progress in accounting data transfer and the introduction of overnight and fixed-term deposits in co-operation with Raisin.

ABN Amro was a new investor in last year's Series B. Hugo Bongers, head of ABN Amro Ventures says: "We have been working with Penta and its management team for quite some time and are now delighted to intensify our partnership. We see Penta as an important player in reshaping digital banking for SMEs, but also for founders. This is a core topic in ABN Amro’s strategy."

The ABN Amro Ventures fund totals €150 million and includes a portfolio of 15 companies with one successful exit.

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