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Penta raised €4 M from new investors

Berlin-based neobank Penta has raised an additional €4m from new investors and topped up its €18.5m Series B funding round from March this year.

The Series B funding now totals more than €23,5 million according to the official statement of the company. The new investors consist of S7 Ventures, Presight Capital and two family offices, whom they were able to convince with their idea during the negotiations.

Read also: Monzo’s co-founder Tom Blomfield steps down from the board

Oleg Gordienko, Managing Partner of S7 Ventures comments on the new investment: “We believe SMEs are substantially underserved by financial institutions. The unrivaled quality of the management team and their focus on bringing additional value to small and medium enterprises make Penta a great partner.”

Penta’s CEO, Marko Wenthin already gives a small insight into the use of the new investment: “We are very pleased to complete the second closing and that we can welcome such great new partners. “

“Especially, in the current corona crisis, it is a strong signal that there are still investors looking out for outstanding companies. With the new capital, we plan to accelerate our growth path in Germany and continue developing our product offering for SMEs,” he added.

Recently, Penta has celebrated 20,000 customers placing their trust in them. The new investment is now clearly going to advance Penta’s efforts to build a business banking platform for SMEs, since in May Penta expanded its offering to include business banking for freelancers and the self-employed, having previously only been open for companies with two or more employees.

The company is headquartered in Berlin, with offices in Milan and Belgrade. Penta does not have its own banking license. However, it is partnered with solarisBank, which enables other companies to utilise their banking license for their business.

Jan Cerny
Jan is an innovation enthusiast and Fintech news reporter. He specializes in news distribution, social media, and content analysis.

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