The Hard Thing About Hard Things: Why Penta Exits the Italian Market
Dear Italian Penta customers,
Every entrepreneur knows the struggle. When running a business, taking decisions is part of your daily life – and not all of them are easy ones. We at Penta just had to make one now.
And so we would like to announce today that Penta will exit the Italian market. As you know from the personal communication, we will close all our accounts in Italy in the next two months.
Why did we make this decision? Because it was the right thing to do.
Penta Italy started with a fully motivated team in October 2019 and won easily its first customers.
But in order to grow as much as planned, we learned two things: there has to be just the right localization of the product towards the Italian market. Also, a country launch needs focus and dedicated commitment from the Head Office management team.
As both things were not given to the needed extent and we only want to deliver excellent products, which really solves the problems of our customers, the exit of this market is the last and ultimate consequence.
We would like to thank our Italian customers, who trusted us, and are very sorry for any inconvenience caused. Our other thoughts are with our wonderful team Italy. We are delighted that all the jobs of our Italian colleagues are safe, due to a merger of Penta Italy with finleap connect Italy, a B2B software company from our investor finleap. finleap connect is already successful in the area of SME banking, so that the expertise of Penta Italy can support the business of continuing its growth.
We want to thank our former colleagues deeply for all their great efforts for Penta Italy!
For us, we will now highly focus on our core market Germany, with its strong, solid customer growth of more than 1200 customers per month, it’s dedicated customer base with more than 20.000 happy companies and its many, many partners, like auxmoney, iwoca, Debitoor or Lexoffice, to only name a few.
Does this mean that Penta will never again expand into another market? No – because we still hold on to our mission to digitize business banking for as many entrepreneurs as possible. We learned a lot from our Italian journey and are very grateful for the experiences.
Your Penta Team