Berlin-based fintech firm finleap has taken over Penta, a local digital bank focussed on small businesses.
The price paid for the acquisition was not divulged.
Go deeper with GlobalData
Penta co-founder Jessica Holzbach said: “With finleaps powerful backbone of strategic partners, investors, tech know-how and top talents, our company can prosper at an unprecedented pace.”
Penta will now work alongside Beesy, a finleap unit that provides digital banking and accounting for freelancers in Italy.
Referring to Penta, finleap founder and CEO Ramin Niroumand said: “The team has a great product, which matches perfectly with our existing fintech ecosystem.
“We believe firmly in vertical banking, and so does Penta with its focus on providing banking solutions for the digital industry. Through our strong network, we are able to accelerate Penta’s business significantly.”
Penta users can open a bank account in minutes and also get a real-time view of their money.
Users are offered credit cards with individual limits for their staff.
The bank already uses banking licence of finleap company solarisBank.
Penta intends to launch additional functionalities such as direct debits, loans, as well as international transfers this year.
Set up in May 2016, Penta has over 5,500 digital business clients including AirHelp, bepro11 and Global Digital Women.
