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Interview with Tim Koschella of Hitfox and Kayzen

Jeannine Klein
Jeannine Klein June 2019 3 min

Today, the Penta team received the opportunity to meet Tim Koschella, Serial Entrepreneur and the CEO/founder of Hitfox (now IONIQ) and Kayzen.

Tim was hoping to find a simple financial solution to a problem that had been bugging his company. He wanted to open an online business account. Quickly, easily, efficiently, and cost-effectively.

Read for yourself why he is now a satisfied Penta customer:

Hello, Tim! Nice to talk with you today! Tell me, why did you decide to switch over to Penta?

After I founded my new company, Kayzen, I needed to have a new company account. My goal was to open a business account quickly and easily, without long walks around banking offices or endlessly filling out long forms.

I wanted to avoid the complicated bureaucracy because I needed an account for the company as quickly as possible. When my colleague told me that you can now easily open a business account online within a few hours.

Really, I didn’t want to believe that this was even possible. Then, I discovered Penta and realized that it wasn’t any sort of dream at all. In reality, we can now open a corporate account within a few hours. I have been surprised by the simplicity of the Penta system and their efficient account creation!

So you are satisfied with our service?

Penta has lived up to all of their promises. After filling in my business account application form from my desk at 7 PM, the entire process was finished in less than 15 minutes. My business account opened within hours!

What are some of the benefits you receive from Penta?

Now that I’ve been a Penta customer for a little while, I have experienced Penta’s system of customer service many times. For starters, I really appreciate the user-friendliness of the interface:

It is very well-designed, intuitive, and quick.

For example, I can easily give employees read-only access to the accounts. This doesn’t let them actually make transactions using company funds but is very helpful. For example, I can have someone prepare all of the transactions and then I just have to approve them all at the end. This process used to take four weeks at my traditional commercial bank!

I should also mention that it was very easy and fast to get several company cards with Penta. This was a big benefit for me!

What would you like to see Penta do in the future?

Keep it up! [laughs]

Although Penta is already a great online banking solution for businesses, there is a lot you will need to build it up to become a complete enterprise banking solution.

For example, international currency transfer would be one of these things. I currently have another company bank account with another banking service because we have some very specific needs.

I would like to have an account which uses both USD and EUR in the same account. My other bank does this, so all the revenue and cost of goods sold (COGS) are made in this account and not with Penta.

However, we really enjoy using Penta for SG&A expenses (Selling, General & Administrative Expense) – this helps give our team the freedom and autonomy that we deserve!

As we have seen with Penta so far, new features are constantly being added. It will probably not be long before we can enjoy having international currencies with Penta!

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