Penta Launches To Help SMEs Cherry-Pick Banking Services

Small business and startup banking company Penta, based in Germany, is teaming up with solarisBank for faster access to bank accounts.

An announcement Friday (March 10) said Penta is looking to accelerate availability to bank accounts for its SME and startup business customers in Germany and link them to deposit account and payment card solutions. In its announcement, Penta said the partnership with solarisBank will allow small businesses to spend more time focusing on their companies and less time dealing with the logistics of setting up a bank account.

“Traditional banks are too time-consuming for founders,” Penta cofounder and CEO Lav Odorovic said in a statement. “From unintuitive web and mobile apps to unreliable customer service, business banking is a burden for the fast-developing tech world. At Penta, we want to make business banking as easy as booking an Airbnb. We will offer startups a powerful and fast bank account that makes their lives easier. And with the support from solarisBank, we’re able to do that.”

Penta will be available to a limited number of startups beginning in July for beta testing and is geared toward high-tech companies, it said.

Penta only offers third-party services to its small business users, the company explained, cherry-picking solutions to meet client needs. The firm said its goal is to offer a digital marketplace for startups, and small businesses can choose their financial services and products.

“Innovative companies such as Penta are improving business banking for under-served businesses,” said solarisBank AG cofounder and Board Member Marko Wenthin in another statement. “solarisBank is all about empowering forward-thinking partners like Pena to become financial players themselves. We’re glad to enable Penta to tap into the huge market potential for SME banking.”