Fintech venture builder finleap has acquired Germany-based digital business bank Penta for an undisclosed price.
Image: The management team of Penta is formed by the two Penta Co-Founders Jessica Holzbach (chief customer officer) and Luka Ivicevic (chief of staff), as well as Lukas Zörner (chief product officer). Photo: courtesy of finleap.
Founded in May 2016, Penta is said to offer fast and easy business banking for digital firms. Customers can open a business bank account online with it in a few minutes, and get a German IBAN and also avail other business banking services.
Till date, the German challenger bank has more than 5,500 digital businesses such as AirHelp, Global Digital Women and bepro11 as its customers.
Penta’s customers are said to be given a fast and easy overview of their finances in real-time. Furthermore, the digital businesses can get credit cards with individual limits for their employees and also do their accounting within the digital business bank.
Penta’s plans for 2019 include roll out of features such as direct debits, loans, and international transfers.
finleap founder and CEO Ramin Niroumand said: “We are very pleased to welcome Penta to the finleap family. The team has a great product, which matches perfectly with our existing fintech ecosystem.
“We believe firmly in vertical banking, and so does Penta with its focus on providing banking solutions for the digital industry. Through our strong network, we are able to accelerate Penta’s business significantly.”
finleap announced that in the course of the year, Penta will collaborate with Beesy, an Italy-based company that provides similar digital business banking services for freelancers.
Launched by finleap in September 2018, Beesy, in addition to digital banking, provides invoice management for freelancers.
finleap said that Penta and Beesy have the objective of digitizing financial management for companies and micro-businesses of the digital industry. Their services are designed to help business owners and entrepreneurs spend lesser time on banking and put more focus on their business.
The fintech venture builder said that through the collaboration, Penta’s digital banking solution for digital companies will be available over Beesy in Italy as well.
Penta co-founder Luka Ivicevic said: “Beesy and Penta complement one another in their respective strengths, while at the same time sharing the same vision. By collaborating, we benefit from each other by expanding our product range and focussing on a larger customer base.”