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RTP Global et al. back €18.5m round for Penta

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New investors RTP Global, ABN Amro Ventures and VR Ventures have backed a €18.5m round for Penta, a Germany-based digital banking platform for businesses.

The round also saw participation from existing investors, including HV Holtzbrinck Ventures, as well as corporate investor Finleap.

The round was led by HV and RTP. Alex Pavlov, partner at RTP, will join the company's board, along with HV partner Barbod Namini and Michael Hock, CFO at Finleap.

Penta will use the fresh capital to develop its digital platform further, as well as to expand to other European markets, according to a statement.

Bank-backed investors ABN Amro Ventures and VR Ventures will also support the company from a strategic perspective, Penta said in a statement.

RTP invested via its latest fund, which was announced in March 2020 and has a target of $650m.

Previous funding
Spain-based venture capital firm Inception Capital led a €2.2m seed round for Penta in February 2018. The firm went on to lead a €7m round for Penta in October 2018.

Penta was acquired by Finleap and merged with its subsidiary Beesy, an Italy-based banking platform for freelancers, in April 2019. Inception sold its shares.

HV led an €8m round for Penta in August 2019. Existing corporate investor Fabrick also took part in the round.

Company
Penta is an online banking platform for businesses. It was founded in 2017 by Lav Odorovic, Luka Ivicevic, Gabriel Holbach, Aleksandar Orlic, Igor Kuschnir and Jessica Holzbach. Penta offers users a German IBAN and debit cards for expense management and financial services.

The company is based in Berlin and also has offices in Belgrade and Milan. It has increased its staff headcount from 20 at the time of its seed round to 107 employees at the time of publication, according to LinkedIn. It had more than 10,000 customers as of September 2019.

People
Penta – Marko Wenthin (CEO).
HV Holtzbrinck Ventures – Barbod Namini (partner).
RTP Global – Alex Pavlov (partner).
ABN Amro Ventures – Hugo Bongers (managing director).
Finleap – Michael Hock (CFO).

Advisers
Equity – Lutz Abel, Marco Eickmann, Sebastian Sumalvico, Philipp Hoene (legal).

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