8.6 C
New York
Tuesday, December 1, 2020
Home Challanger banks Penta teams up with Raisin to launch new range of corporate term...

Penta teams up with Raisin to launch new range of corporate term and overnight deposits

Digital business banking group Penta announced it has joined forces with Raisin to introduce overnight and term deposits from WeltSparen.

This will enable better interest rates on business accounts for all of Penta’s customers. Penta has more than 22,000 small and medium-sized enterprises, freelancers and self-employed.

Read also: Revolut seeks CCO for its new business division

The European Central Bank’s latest data showed that business assets incur negative interest in Germany at an average of -0.34% p.a. With deposits from the Raisin marketplace, Penta clients can avoid the negative rates, investing surplus liquidity within Germany as well as in other European markets.

Deposits are already possible, starting from a sum of €5,000 and are protected up to at least €100,000 per depositor and bank by the legal deposit insurance.

Through Penta’s integration of Raisin, its clients can open and centrally manage any number of deposits with just one login.

“Thanks to the cooperation with Raisin, we are one of the few digital banking providers for companies who can offer their customers a very good alternative to high costs due to negative interest rates, such as those incurred after financing rounds for young companies,” says Jessica Holzbach. Co-founder and Chief Customer Officer of Penta on the new offer.

“Sophisticated liquidity management is more important than ever for companies to generate interest income. Through our cooperation, Penta creates solutions for more efficient liquidity management with very flexible options,”explains Lisa Schmid, Head of Business Clients at Raisin.

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

Recent posts

Exclusive: Interview with Ian Johnson, Managing Director (Europe) at Marqeta

Ian Johnson, Managing Director (Europe) at Marqeta, has given Everly.eu an exclusive interview in which he shared how the company has managed to build up a strong position in the market, in addition to lots of useful insights on the fintech environment.

JP Morgan and Lloyds set sights on Starling, Times Reports

Major players like JPMorgan Chase & Co. and Lloyds Banking Group Plc have expressed interest in buying the challenger Starling Bank Ltd., the Times reported.

The Everly Summary (weekly TOP5 news)

Welcome to Everly.eu’s weekly summary. Let’s see the most important news we have covered during the last week in a TOP 5 list!

Santander launches money transfer app PagoFX in Belgium

PagoFX by Santander is a low-cost service for international transfers and is now available in Belgium.