Multi-Cards Penta
26.07.2018

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.’

Luka Ivicevic, Head of Growth (left), Lav Odorovic, CEO (right)
Luka Ivicevic, Head of Growth (left), Lav Odorovic, CEO (right)

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
Penta App and Card
Penta App and Card

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. Also find information about investments or financial support for your business if you aren’t part of the fintech industry.

More information about the Financial Service Industry in Berlin:

Text: Uhura Creative Media – Trish Elms


Images: Penta

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26.07.2018

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.’

Luka Ivicevic, Head of Growth (left), Lav Odorovic, CEO (right)
Luka Ivicevic, Head of Growth (left), Lav Odorovic, CEO (right)

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
Penta App and Card
Penta App and Card

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. Also find information about investments or financial support for your business if you aren’t part of the fintech industry.

More information about the Financial Service Industry in Berlin:

Text: Uhura Creative Media – Trish Elms


Images: Penta

Why should you start a business in Berlin?

Welcome to Berlin – the buzzing city at the heart of Europe! Berlin attracts businesses and startups from every industry. Science, research, and creative industries also love Berlin. True innovators love living and working in Berlin, as the conditions for setting up a company in the city are outstanding.

Infrastructure

Berlin offers the ideal infrastructure for setting up a company. The city’s airports make it quick and easy to reach from all over Europe, and its public transport network is extensive. Office space is also plentiful. Few cities have as many co-working spaces as Berlin. Although rents are rising, they are still lower than in most other European capitals.

>> Berlin - Heart of Europe

Innovative industries

In Berlin, you can build a network and discover businesses in all the key innovative industries, including high tech, healthcare, life sciences, service economy, mobility, and logistics. Berlin startups such as Zalando, DaWanda, and ImmobilienScout24 are influencers in the German market, and venture builders like Rocket Internet and Project A are also located in Berlin. There is potential for fruitful partnerships with research facilities and other companies in Berlin. Feel the spirit of entrepreneurship in Berlin!

>> Doing Business in Berlin

Research & sciences

Berlin is the main capital for researchers and scientists in Europe. You’ll find research on the hot topics in fields like bio technology, medicine, communication technology, mobility and transport and more.

>> Brain City Berlin - research & science in Berlin

Living in Berlin

Finally, the large pool of highly skilled specialists from all over the world is a key reason to start up a company in Berlin. Thanks to its relatively low cost of living and vibrant cultural life, Berlin attracts many highly talented people, which also benefits businesses located in the city.

>> Living in Berlin

A growing German economy – good times for entrepreneurs and investors

The GDP is rising and unemployment is low. Consumers are spending more. It's a great time for investments and market entry in Germany. Reason-Why.Berlin offers useful background information on the German economy.