Recently, Penta, a German fintech startup, raised €7 million in Series A funding from Inception Capital. For the uninitiated, the startup secured €2.2 million seed funding from the London-based Venture Capital firm earlier this year as well. Eventually, Penta has received overall funding of nearly €10 million since it was founded in 2016 by Lav Odorovic, Luka Ivicevic, Sir Gabriel Holbach, Aleksandar Orlic, Igor Kuschnir and Jessica Holzbach.
The startup makes it easy to save money by letting consumers open an account where they can pay as they grow. Penta makes the process of opening an account easy and provides all the necessary financial tools as the banks.
Today, Silicon Canals has come up with five interesting facts to know about the German startup aimed at making it easy and straightforward for startups and SMEs to start saving.
#1 Multi-card support
The multi-card support is a notable feature, which makes it easier for companies to manage their expenses. This feature is called Team Access, and it lets business owners issue multiple MasterCards to the employees who are involved in making purchases on the company’s behalf. All these cards are linked to the Penta account of the business, but each will have its own custom rules and permissions. So, the company can control the limit of money, each employee can spend (up to €25.000 a month) and where they are spending.
#2 Doesn’t take much time
While the traditional banks take as long as three weeks to open a business account, this startup takes just 48 hours to one an account. Business owners can apply for a Penta account online in only 15 minutes, and it gets activated in just 48 hours.
#3 It’s free to use
There are many plans for the consumers choosing Penta. Under the basic plan, businesses can open an account for free. The first 10 transactions will be free, and each transaction beyond this limit will cost €0.10. Besides this, there are Advanced and Premium plans costing €9 and €19 per month with benefits such as 100 free transactions and unlimited transactions respectively.
#4 Convenient features
With the Recurring Payments feature, it will be easy for the businesses to set up automatic payments that can be made on a specific date each month. For additional security, businesses can freeze, unfreeze and change the PIN of the card allotted to an employee.
#5 Penta’s roadmap
Penta is gearing up to introduce a few more features in the coming months. These are Open API to automate the banking tasks and integrate Penta account using software, Direct Debit to give users the ability to charge their customers using Direct Debit, Foreign Transfers letting users send money in 34 different currencies at a low cost and Automated Accounting for users to automate the accounting and syncing of their account. The startup will soon integrate useful accounting tools with the accounts.
Stay tuned to Silicon Canals for updates in the tech startup world.