Penta, a Berlin, Germany-based challenger bank for startups and businesses, secured €2.2m in seed funding.
The round was led by Inception Capital.
The company intends to use the funds to further hire in order to support its customer base, to build out its service and to launch its marketplace of third party products like automated accounting, low-cost FX, and multiple MasterCards with limits and permissions.
Founded in May 2016 by Lav Odorovic, Luka Ivicevic, Sir Gabriel Holbach, Aleksandar Orlic, Igor Kuschnir and Jessica Holzbach, Penta Open provides a free bank account as well as a fast service to small businesses who lack the people to run admin tasks, like accounting or expense management of their businesses efficiently.
The company has a team of 20 people and aims to double its headcount in the next months, to partner with and integrate FinTech products into its bank account to offer it to its customers.
Penta is a partner of Berlin based solarisBank who provides Penta with the banking license.