ABN AMRO Ventures to participate in Penta’s EUR 18.5 million fundraise

Press release -

Penta is the fast-growing German digital platform for business banking

Founded in December 2017, Penta is a digital platform for business banking with over 16,000 customers. Companies can apply for a business account within minutes and receive a German IBAN, debit cards for expense management and other financial services. The company is headquartered in Berlin, with offices in Milan and Belgrade. ABN AMRO Ventures is part of the first closing EUR 18.5 million series B with, as a co-lead, RTP Global and HV Holtzbrinck Ventures and participation from Berliner Volksbank Ventures and Finleap.

Hugo Bongers, head of ABN AMRO Ventures: “We are investing in Penta because we believe in its dynamic and experienced management team, who we know well. We believe in their vision to empower SMEs through banking. In Germany, Penta is playing a crucial role in transforming business banking from the core. We see good opportunities for cooperation and exchange of information between Penta and our key digital propositions towards SME clients in the Dutch market, among which of course New10. Like previous investments by ABN AMRO Ventures, this one too reinforces ABN AMRO’s access to the local fintech ecosystem of companies, investors and industry leaders.”

Marko Wenthin, CEO & Co-Founder of Penta: “We are delighted to see the commitment to our vision from such strong and strategic partners as ABN AMRO Ventures: reshaping business banking for small and medium-sized enterprises. SMEs are the engine of countries' economies. With our approach of building a platform for them by focusing on their business needs and offering them a veritable one-stop-shop of services, we go way beyond banking. By growing the round of investors, Penta will benefit from a wider network across Europe, future co-operation and a significant acceleration of growth. We have known ABN AMRO Ventures for many years and we are looking forward to expanding our investment and partnership.”

The investment in Penta is the eleventh investment by ABN AMRO Ventures, previously named ABN AMRO Digital Impact Fund. ABN AMRO Ventures is the bank’s corporate venture fund and makes strategic investments in innovative technology companies to boost and accelerate its digital transformation. The fund has  EUR 100 million assets under management and holds positions in Fenergo, Trifacta, Thetaray, Tealium, Tink, BehavioSec, solarisBank, Ockto and Crosslend. It previously invested in Cloud Lending Solutions (exit in 2018).

Share

Join the discussion

ABN AMRO would like to know your opinion, so below this article you can react to this article via Disqus. By doing so, you agree to the conditions for reacting to articles on our website.

Related news items

More news about innovation