German business bank account Penta has netted €7m in a new investment round, to support expansion of its team.
Previous backer, Inception Capital, led the investment round.
This investment comes just eight months after Penta received a €2.2m seed round from Inception Capital. The company has witnessed a 900 per cent increase in user numbers since the company’s last funding round.
Since the challenger bank was launched in 2017, the company has raised a total of €10m in funding.
Berlin-based Penta helps to make banking easier, by offering businesses a free account and a platform to handle admin tasks such as accounting or expense management. The bank doesn’t charge monthly fees and provides the company with a MasterCard. Each month the company also receives 10 free transactions, and after that, they each cost €0.10.
In coming months, Penta is looking to launch a number of features including automated accounting, international transfers and others.
This equity injection will be used to boost the company’s hiring efforts, to support the growing user-base and develop its own marketplace. The Berlin-based company currently has 40 members of staff, but is looking to increase this to 100 in the coming year.
Penta CEO and co-founder Lav Odorovic said, “We’re fortunate to have great traction so we did not have to look for new investors (something which is often tedious and time consuming) as a result we had more time to focus on the business and serving the needs of our customers.
“Our ultimate goal is to make it as easy as possible for business owners to manage and make the most out of their time and money while offering them the best products on the market. To help us achieve this goal, we will continue to hire brilliant people while continuing to focus on building the best business bank account that Europe has to offer.”
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