Fintech has acquired the banking company Penta, which was only launched at the end of 2017. The model of Penta is reminiscent of N26, but is clearly geared towards business customers.
That was quick: Just in December 2017, the digital bank Penta went to the start and was able to collect in a short time seven million euros in capital. Only a short time later, Penta is now moving into the portfolio of the fintech ecosystem Finleap based in Berlin. The Finleap Group employs around 800 people from 60 countries.
Digital account for business customers
Penta customers can open a business account in minutes and completely over the Internet. Fully digital, they have a quick real-time overview of their finances, can create credit cards with individual limits for their employees or even make their billing within Penta.
In addition, additional functions such as direct debits, loans, international transfers and more are to be added during the course of the year. It all reminds a bit of the business model of N26, with a difference. Penta wants to address business customers, especially from the tech and startup sector. The private sector, in contrast, plays no role, unlike the fintech N26.
Cooperation with Beesy
Penta currently has more than 5,500 customers. In the course of 2019, the company intends to collaborate with Beesy, a Finleap portfolio company. Beesy was launched in September 2018 by Finleap. The company offers services such as digital banking and accounting for freelancers, which are very similar to Penta services.
Both companies will digitize financial management for companies and micro-businesses in the digital industry to help entrepreneurs and business owners cut down on banking so they can focus more on their core business. The collaboration will also make Penta’s digital banking solution available in Italy through Beesy.
Ramin Niroumand, founder and CEO of Finleap, said of the deal, “We are very pleased to welcome Penta to the Finleap family. The team has a great product that fits in perfectly with our existing fintech ecosystem. We firmly believe in the vertical banking business, and Penta is focused on delivering banking solutions to the digital industry. Our strong network enables us to significantly accelerate Penta’s business.
Also published on Medium.