German FinTech Penta closes Series B+ round at €30 million

By Megha Bhattacharya

German FinTech Penta closed €30 million in a Series B+ top-up round backed by existing investors such as finleap, HV Capital, RTP Global, Presight Capital, S7V and VR Ventures, ABN AMRO Ventures.

Markus Pertlwieser, the company’s new 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.”

Recently, the FinTech announced a partnership with savings marketplace Raisin along with the release of a new range of corporate term and overnight deposits. The partnership is expected to allow Penta’s business customers to access higher interest rates by investing in Raisin deposit products through their accounts.

Last year, Penta secured €18.5 million in a funding round with new investors including RTP Global, ABN AMRO Ventures and VR-Ventures. The round was led by HV Holtzbrinck Ventures and RTP Global along with the participation of existing investor finleap. The FinTech states that Alex Pavlov, Partner RTP Global will join Penta’s board along with Barbod Namini, Partner HV and Michael Hock, CFO finleap.

Hugo Bongers, Head of ABN AMRO Ventures said, “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.”

Established in 2018 in Germany, Penta is the digital platform for business banking aimed at SMEs and startups.