German fintech startup Penta has received funding for its platform
Fintech startup Penta from Germany has completed another round of investments, which enabled it to raise 22.5 million euros. These funds will be used to expand business products and improve existing products.
In total, the financing procedure was divided into two stages, during which many investors became interested in the start-up.
The round involved the venture company RTP Global, as well as various funds, including S7 Group and Presight Capital. It should be noted that the latter have already funded Penta. According to investors, such startups are often underestimated, although the prospects for development are huge. Small companies represent an excellent partner with whom it is easy to build business relations.
In the last round, Penta received €18.5 million, and since its presence on the startup market, the amount of financing has been almost €40 million.
All the money will be used to improve the platform, which facilitates transactions with electronic payments. The company has a large number of corporate clients, and wants to expand its user base by providing quality services.
Fintech Startup Penta was established in 2016 in Berlin and now has offices in Milan and Belgrade. The company’s product is designed for companies of all kinds, it allows to open a business or correspondent account in German banks, receive debit cards, arrange loans and a number of other services in the field of finance in a minimum amount of time. Now the digital platform from Penta is used by about 16 thousand companies, which appreciated its advantage over traditional banking.
Startup was interested in a new fund, which was founded by RTP Global, owned by Leonid Boguslavsky, a billionaire from Russia. Its size is 650 million dollars. The fund works with startups that specialize in financial services, insurtech, SaaS and others. They are investing in promising projects that will generate high returns in the future.
By estimations of analysts, last year the volume of world investments into financial products has made about 53 billion dollars. This figure has decreased in comparison with the previous period, the reason for that became pandemic and decrease in activity from businessmen. Besides, the trade conflict between the USA and China also played its role.
The development of products for the financial industry and improvement of technology in this segment is more in demand than ever, as many companies are switching to online. Experts say that these startups will be promising in the near future, and the volume of investment will only grow. Therefore, venture funds are actively looking at new startups.
