Penta, a German digital platform for business banking, has raised €18.5m ($20.37m) in its latest funding round to further develop its digital offerings.
The funding round was led by RTP Global. ABN AMRO Ventures and VR-Ventures also joined the round as additional investors.
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The German fintech’s existing investors finleap and HV Holtzbrinck Ventures also participated in the latest funding round.
Penta co-founder and CEO Marko Wenthin said: “SMEs are the engine of countries’ economies. With our approach of building a platform, by focusing on their business needs and offering them a veritable one-stop-shop of services, we go way beyond banking.
“By growing the round of investors, Penta will also profit from a wider network across Europe, future co-operations and a significant acceleration of growth.”
Penta intends to use the capital to enhance its digital platform services with a focus on technology, product, customer service, and marketing.
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By GlobalDataThe company noted that it is also weighing options to expand into other European markets.
Using the platform, clients can open a business account within minutes and receive a German international bank account number (IBAN), debit cards and other financial services.
Penta currently employs nearly 50 people and serves small businesses like CleverShuttle and AirHelp which employ more than 500 people.
The firm has signed up more than 10,000 business customers as of September last year.
