German business banking platform Penta has raised EUR18.5 million in the first closing of a funding round backed by new and current investors.
New investors in the Berlin-based startup include RTP Global, ABN Amro Ventures and VR-Ventures. Existing backers finleap and HV Holtzbrinck Ventures also participated.
Penta focuses on small businesses with 2-50 employees and serves larger customers like CleverShuttle and AirHelp who have 500+ employees. Companies using the platform can apply for a business account within minutes and receive a German IBAN, debit cards for expense management and other financial services.
In September, Penta announced that it had acquired over 10,000 business customers.
Marko Wenthin, CEO and co-founder Penta, says: "By growing the round of investors, Penta will profit from a wider network across Europe, future co-operations and a significant acceleration of growth.”