Penta, a German digital bank for start-ups and small businesses, has secured €2.2m in seed funding, led by the UK-based and fintech-focused Inception Venture Capital .
Founded in May last year, Penta moved out of its private beta in December to a waitlist of over 3,000 local businesses. The platform has now opened its waitlist up to new users, and hopes to reach 10,000 businesses by the end of 2018.
Penta has said the funding will be used to increase staff, and to launch a third-party marketplace in the same vein as other digital banking stalwarts like Monzo and Starling Bank. The platform will initially be targeting partnerships for accounting software, low-cost foreign exchange and multiple card accounts.
The fee-free bank is also promising users 10 free transactions per month, with all other transactions incurring a €0.10c charge thereafter. The bank runs off the back of Banking-as-a-Platform solarisBank, rather than holding its own license.
“Startup founders and business owners waste so much time and money dealing with annoying admin tasks,” said Penta’s CEO and cofounder Lav Odorovic.
“That’s why we’re offering the tools that can help you get business banking done in a fraction of the time.”