B2B Payments

Penta Lands $20M For Corporate Banking Tech

Penta announced the close of its funding round for $20 million

Germany's Penta, which works in banking for small- to medium-sized businesses (SMBs), has completed a 18.5-million-euro ($20.4 million) funding round, according to a TechCrunch report.

Penta's lead contributor was RTP Global, a new investor, alongside previous investor HV Holtzbrinck Ventures, and other investors, ABN AMRO Ventures, VR-Ventures and Finleap, which is a FinTech company builder with a large stake in Penta.

With the completion of this round, RTP Global partner Alex Pavlov will join Penta's board, which he said was reflective of the group's commitment to finding strong new partners. Penta, he said, had the tenacity to be "ready for the sprints, prepare for the marathons.” He said Penta has "a strong team, rapid growth and the mission of solving the problems" of tis SMB customers by thinking outside the box.

Penta is headquartered in Berlin and has other offices in Milan and Belgrade. The company was acquired in April of last year by Finleap, which counts banking platform solarisBank among the companies in which it owns stake. Penta is a customer of solarisBank, too.

Penta has spent its time lately partnering with SumUp, a BBVA-backed card reader, to try to attract more varied customers like restaurants, healthcare companies, craftsmen and architects. Customers can order a SumUp Card Reader via Penta and save money on the starting fee. In doing so, features of both companies can be integrated seamlessly.

SumUp customers also get access to other features of Penta's, such as opening a business on a solely digital platform, issuing multiple cards, and enacting limits and permissions for staff, along with managing expenses.

Penta partnered with German FinTech iwoca in December in a bid to help customers apply for credit.

“We have built a platform that provides companies with all the products they need in their day-to-day business, in one place,” said Penta CEO Marko Wenthin. “By partnering with iwoca, our customers now have a single point of access to a credit provider that will make their day-to-day life easier and bring the important issue of liquidity management a big step forward.”

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