Penta Raises Further Millions: Series B+ Financing Round Now Totals 30M Euro
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Not even a year has passed since the last financing round at Penta, and today we can happily announce a further increase. After a short fundraising phase, existing investors top up the Series B+ financing round, which now totals 30 million Euro, while Penta initially planned the round for only later this year, but due to a strong interest decided to raise now.
Penta Will Use Series B+ Financing Round to Expand Product Offerings and Partnerships
Penta’s management team plans to use the new investment to develop the company further, with a holistic focus on sole proprietors, freelancers and businesses of all sizes. Further, segment- or industry-specific offerings will be introduced in 2021. The Series B+ funding round will also be used to establish further strategic partnerships that will benefit far more than 25,000 sole proprietors, freelancers and SMEs.
The new CEO of Penta, Markus Pertlwieser: “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’s Investors Take Strong Business Development as an Occasion for Series B+ Financing Round
With a lot of momentum from the past year, Penta starts into 2021 with a head start and was able to convince existing investors with pleasing revenue development, so that they increase the initial investment. Despite the economic crisis, Penta continues to grow and records strong interest in digital business banking solutions from its customers.
As of last year, Penta was able to develop and successfully launch numerous new products and features. The biggest milestones include the DATEV integration, which enables the synchronization of receipts and transactions, and the digital application process for the KfW Instant Loan in cooperation with the partner Banxware. Penta gained WeltSparen as a new partner to tackle the current interest rate environment with investment solutions such as overnight and fixed-term deposits. The request of many Penta customers for sub-accounts and SEPA direct debits could also be fulfilled.
Penta’s existing investors want to continue to fuel this positive trend in order to drive the strategic expansion of the business model. Existing investors finleap, HV Capital, RTP Global, Presight Capital, S7V and VR Ventures and ABN AMRO Ventures have further increased their initial investment. The new Series B+ financing round is led by investor and strategic partner ABN AMRO Ventures.
Outlook for Penta in 2021
Penta’s management team has been strengthened just recently with Markus Pertlwieser as the new CEO. His experience and network will help Penta to drive the expansion of the fintech.
However, the mission remains the same: Support sole proprietors, founders and entrepreneurs with their business—ranging from banking to accounting.
On Penta’s public product roadmap, we keep you up to date on the new features and products we are currently working on. In the next days you can expect more individual permissions for the users of your business account and the option to add additional features according to your business needs. Do you have ideas or requests for products and features we should develop? Feel free to share them with us.