Investors pour $20 million into Penta's expense management tech
RTP Global and HV Holtzbrinck Ventures led an €18.5 million ($20.3) Series B round in Penta, a Berlin-based small business bank.
Penta targets startups and small businesses with a corporate card-linked expense management platform which allows business owners and administrators to set custom limits for each employee with real-time notifications.
The platform permits cardholders to upload and store expense receipts as well as send and receive global transfers for bill payments. Penta also has a marketplace for vendors to offer small business loans to its customers. In December iwoca Germany joined the platform to provide loans of up to €100,000 (about $110,000).
Penta offers companies three different program plans with the basic plan being free. Its other two plans, which have monthly fees of €9 +VAT and €19 +VAT, also add the integration to popular accounting software programs.
Alex Pavlov, partner at RTP Global will join Penta’s board alongside fellow board member Barbod Namini, partner at HV Holtzbrinck Ventures. Additional investors in the round include ABN AMRO Ventures and VR-Ventures. The funds will be used to hire additional staff, enhance the existing digital products as well as possible expansion into other European markets. Most recently Penta expanded in Italy to service small businesses in that country.
“We are very delighted to see a strong commitment from such renowned and strategic partners for our vision: Reshaping business banking for small and medium enterprises. SMEs are the engine of countries’ economies. With our approach of building a platform, by focusing on their business needs and offering them a veritable one-stop-shop of services, we go far beyond what is traditionally considered banking,” said Marko Wenthin, the CEO of Penta in an announcement.
According to Crunchbase, a website that tracks investments in private companies, Penta has raised over €35 million (about $39 million) in five fundraising rounds since 2016.