Financial services firm ABN Amro has co-led the €18.5m ($21.6m) first close of Germany-based digital banking software provider Penta’s series A round.
The tranche was co-led by venture capital firms RTP Global and HV Holtzbrinck Ventures and also featured Berliner Volksbank Ventures, the corporate venturing arm of financial services firm Berliner Volksbank, in addition to financial technology company builder Finleap.
Penta has created a software platform that enables small and medium-sized enterprises (SMEs) to access a range of banking services from a single place, including lending, billing, expense and cashflow management.
Hugo Bongers, head of ABN Amro subsidiary ABN Amro Ventures, said: “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 (ABN Amro spinoff) New10.”
The company had previously received $9m in an August 2019 round that included HV Holtzbrinck Ventures and Finleap. Finleap had acquired Penta in April 2019, two years after it was founded, allowing backers including VC firm Inception Capital to exit.
