German fintech startup Penta raises €18.5 million for its business banking platform
German business banking startup Penta has raised €18.5 million in the first closing of a fresh funding round backed by new and existing investors, about half a year after securing €8 million.
The fintech company has added RTP Global, which has just closed a new $650 million fund, as well as two bank-backed investment firms – ABN AMRO Ventures and VR-Ventures – to its investor roster. Prior backers Finleap and HV Holtzbrinck Ventures also joined the round.
Based out of Berlin, Penta enables companies to easily apply for a business account within minutes and receive a German IBAN, debit cards for expense management and other financial services. The startup says it is evaluating expansion into other European markets.