German Digital Bank Gets Backing of Billion-Dollar Venture Fund
- Berlin-based Penta raised $9 million as HV Holtzbrinck invests
- Deutsche Bank also started a digital bank targeting businesses
This article is for subscribers only.
A Berlin-based fintech is trying to emulate the success that digital banks like N26 have enjoyed with retail customers by specifically targeting business clients.
Penta, which offers bank accounts for firms with up to 70 employees, has just won the backing of HV Holtzbrinck Ventures, one of Europe’s largest venture funds with more than 1 billion euros ($1.1 billion) under management. The fintech company -- founded in 2017 -- expects to increase its customer base to about 20,000 by the end of this year from over 8,000 at the moment. It plans to expand into Italy in the fourth quarter.