8.6 C
New York
Thursday, February 25, 2021
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

TransferWise gets rebranded as ‘Wise’

The rebranded company Wise drops the part Transfer as a signal of moving on from the money-transfer focus of the company.

Revolut about to increase fees and cut number of free trades

Revolut introduced additional fees on its free plan and trading on the Revolut platform will also become more expensive.

Exclusive: An interview with Michael Schweikart, a co-founder of the sustainable banking provider Tomorrow

Tomorrow is a social business FinTech company and a neobank, that was started in 2018 by founders Inas Nureldin, Jakob Berndt, and Michael Schweikart with a vision to use money as a lever for positive change. Since its launch in 2018, the company has 50+ employees and 55,000+ customers.

N26 introduces 100% digital account

The German digital bank has just announced the launch of a 100% digital N26 Standard account equipped with a virtual card.