Inception invests €7m in Penta

The investment came just eight months after the company's €2.2m seed round, also led by Inception.

Penta said its user base has increased by 900% since the previous funding round and 68% of its customers are businesses switching from their existing bank to Penta.

The fresh capital will be used to hire more staff, with the goal of growing the team from 40 to 100 in the next year.

The startup brands itself as a challenger bank, specifically targeted at startups and small businesses. It is partnered with Berlin-based Solarisbank, which is also VC-backed and holds a banking licence.

Company
Penta was founded in May 2016 by Lav Odorovic, Luka Ivicevic, Gabriel Holbach, Aleksandar Orlic, Igor Kuschnir and Jessica Holzbach. It offers online bank accounts to small businesses with a short sign-up time. The company says businesses can be registered within 15 minutes, compared to four weeks at traditional banks.

Penta is headquartered in Berlin and employs 40 people, double the amount it employed at the start of 2018.

People
Penta – Lav Odorovic (CEO).

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