Penta moves to service mid-cap sector with SumUp partnership

Source: Penta

The Berlin Fintech Penta is today announcing its partnership with the card reader giant, SumUp.

The news comes as Penta is announcing a move into the more traditional business sectors, where Penta will aim to serve customers like restaurants, craftsman, healthcare and architects.

Until now, Penta was available to small and medium-sized companies that by design were more online savvy and eager to avoid the hassle with traditional banks. With the SumUp partnership and its move into the traditional midcap sector, Penta ́s position is strengthened as platform for both online and tech-savvy businesses as well as traditional and offline businesses.

Penta CEO Marko Wenthin says:
"Penta is the only player in the industry which started right from the beginning with a sharp focus on small and medium-sized companies who had mainly online banking needs. We are now expanding to serve traditional industries, which form the backbone of German and European society and economy. Individual companies such as restaurants, manufacturers, architects and healthcare professionals, are forming the largest part of the SME market in Germany and Italy, but they don’t get the attention of traditional banks that they deserve. We are changing that now, together with SumUp.”

So far, these businesses were only provided with standard business accounts with limited functionality not catering for their everyday needs. With Penta, they can open their account completely digitally, issue multiple payment cards, grant limits and permissions to their team, facilitate expense management and integrate with various accounting tools as well as accept card payments with SumUp. Ordering a SumUp Card Reader via Penta allows businesses to save money on the initial setup fee and seamlessly integrate their payments with the Penta account.

Wenthin says:
"By cooperating with partners who enable our customers to simplify bookkeeping, employee benefits and management or make foreign payments, Penta is already now the default financial platform for SMEs in both Germany and Italy. One request that we’ve had since day one has been for our customers to easily and quickly accept card payments, so we are very proud to be able to offer this with our newest partner SumUp.”
James Henry, Head of Sales and Partnerships SumUp:
"By cooperating with Penta, we will enable even more small and medium-sized companies to digitize their business and make the payment experience as convenient as possible for their customers. Penta, with its growing customer base of companies, is the ideal partner for us to reach the broad mid-market. ”

Penta customers can increase their sales with a SumUp card terminal by offering cashless payment to their end customers. All booked amounts are seamlessly transferred to the Penta account of the respective company. In the future, the service is to be expanded to the extent that a sales forecast can also be created or the creditworthiness of the company can be calculated based on the receipt of sales.

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