Business Banking Gamechangers – Penta: Easier, Faster, Efficient.
We catch up with CEO Lav Odorovic to find out how German fintech startup Penta is offering easier, faster and more efficient business banking for founders in Germany.
Opening a business bank account is something every founder in Berlin must face. In Germany, it can be a complex, lengthy process that can take up to six excruciating weeks to organise. But Penta’s changing German business banking for the better – shortening the incorporation process by weeks to save small businesses precious time.
With Penta, founders in Germany can apply for a free account online in minutes, then can access it and deposit their share capital within 48 hours.
‘We’re the easy alternative to traditional German business banking,’ said Penta CEO Lav Odorovic. ‘We understand first-hand the frustrations that come with setting up a business. That’s why we’re empowering business owners to bank easier and more efficiently with Penta.’
Freedom and Flexibility
In addition to their stress-free swift setup times, Penta offers founders freedom and flexibility through an easy-to-use online banking interface.
As the only German fintech focused on small businesses banking, Penta enables German businesses to securely send and receive payments from across Europe, manage multi-card company expenses, categorise transactions and more.
Committed to continually innovating, some of the new upcoming features will include:
- Open API to integrate accounts and automate banking tasks
- Client invoicing via direct debit
- Automated accounting tools
- Low-fee foreign transfers
Creating Better Business Banking
Although Penta has gone through the FinTech London - Startupbootcamp, one of the most competitive and best accelerator programmes in Europe, they always planned to return to Germany.
‘We started Penta on our co-founder’s coach in Berlin – and always planned to be headquartered here from day one. Berlin is a city with the most talent, a digital culture and the highest number of businesses registered in Germany each year. While Frankfurt is always connected to the legacy banks, we want Berlin to be known as the big place for finance and business. And we want to be a part of the booming start-up scene of this thriving city.
We also recognised German banking was fragmented, slow and didn’t necessarily support innovation. Small businesses were particularly neglected. We knew Penta could offer better banking for German businesses,’ said Odorovic.
He feels there are ample advantages German fintech businesses like Penta can gain by doing business in Berlin – and accessing the wider German market. He says:
‘Germany is a massive country with huge business opportunities, especially when it comes to innovation. In a relatively short time, Penta has already been able to work with lots of exciting business owners. And that’s given us real insight into where Germany is going when it comes to advancements, revolutionary technology and overall growth. It’s both rewarding and inspiring.’
FinLeap – Supporting Fintech
One of Berlin’s biggest fintech supporters is FinLeap. Founded in 2014, the fintech ecosystem focuses on supporting and building-up innovative fintech companies. With more than 600 people located in Berlin and Milan, the international company has helped over 15 fintech ventures to launch so far.
If you’re looking for investments or financial support for your business but aren’t part of the fintech industry, remember to also check out our guide to get your business off to the right start.
More information about the Financial Service Industry in Berlin: businesslocationcenter.de
More about Penta.
Picture: Lav Odorovic, Penta CEO – Picture credit: Penta
Text: Uhura Creative Media – Trish Elms