German business banking challenger Penta tops up Series B with €7.5m raise

By Aisling Finn on Tuesday 23 February 2021

Digital Banking

Penta has now raised €22.5m in its Series B and €30m to date. 

German business banking challenger Penta tops up Series B with €7.5m raise
Image source: Penta's management team

Berlin-based Penta has topped up its Series B for the second time, this time with a €7.5m injection.

Penta’s latest top-up to its Series B takes the total invested in the firm to €30m, including €22.5m from the earlier stages of its latest round. 

The fresh capital was raised from existing investors and led by ANB AMRO Ventures and saw participation from Finleap, HV Capital, which has invested in Scalable Capital, SumUp and Hello Fresh, and S7V, an investor in BUX and Oxygen.

Hugo Bongers, head of ABN AMRO Ventures says: "We have been working with Penta and its management team for quite some time and are now delighted to intensify our partnership.”

“We see Penta as an important player in reshaping digital banking for SMEs, but also for founders. This is a core topic in ABN AMRO’s strategy."

The fintech will use the latest pot of cash to continue growing its product offering, with Penta expanding to offer accounts to sole traders, freelancers and the self-employed following its initial Series B raise.

Markus Pertlwieser, Penta’s recently appointed CEO, said: "After Penta developed the market-leading digital business account last year, I’m now delighted to be able to invest in further growth and partnerships with this new financing round." 

Penta has now amassed more than 25,000 business customers and, through its partnership with SolarisBank, can offer fully-fledged bank accounts to businesses of all kinds. 

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