Connect with us

Startups

Popular fintech firm Finleap purchases German SME banking provider Penta

Published

on

Only since months following raising $7 million in Series A financing, German SME banking supplier Penta was obtained by Finleap. Conditions of the deal stay undisclosed, though I know that the purchase sees Finleap and Penta’s co-founders getting the challenger lender’s only owners, together with the rest of the shareholders exiting.

Launched in late 2014 from Hitfox Group and Ramin Niroumand, Finleap has developed 16 partnerships from scratch, in addition to obtaining lots of fintechs. Firms in its portfolio comprise banking system solarisBank, where Penta is a client, and electronic insurance company Element, to mention only two.

Penta claims that getting part of this Finleap”ecosystem” can help the SME banking supplier increase the rate where it expands globally. This may include things like a launch in Italy in partnership with all Beesy, a Finleap portfolio firm focusing on electronic business banking for salespeople.

“Penta has a great product and a great team, serving especially the digital industry, which matches perfectly [with] Finleap’s focus on vertical banking,” FinLeap co-founder Niroumand tells me. “Additionally, with Pair Finance for digital debt collection and Perseus for cybersecurity, there are already two other players in the Finleap ecosystem offering services to a similar customer group like Penta, so they form a real value chain for the digital industry”.

Also Read: Amazon to soon release its own video news app for Fire TV Devices

So far, Penta counts over 5,500 digital companies as clients, for example, AirHelp, bepro11, and Global Digital Women. The banks fintech set out to correct SME banking, allowing customers to start a company bank account in only a couple of minutes online. Other characteristics include a real-time overview of a company’ financing, debit cards together with respective constraints for workers, and accounting integration. During the following year, Penta intends to include direct debits, SME loans, international transports and much more.

“The decision to go with Finleap was a strategic one,” says Penta co-founder Luka Ivicevic. “By becoming part of the finleap ecosystem, we’re able to accelerate our growth inside and outside of Germany at an unprecedented pace”.

Meanwhile, Niroumand states Penta will remain an independent company and that Finleap won’t be a part of the operational direction of Penta. But, Penta is going to have the ability to gain from Finleap’s resources and experience. Penta is going to have the ability to become strong support from Finleap’s group of top talents, he states.

“For example to accelerate their hiring efforts and to solve back-office tasks, so that the Penta team can focus completely on the development of the product and new features, like loans and direct debits. In terms of funding, Penta can also tap into Finleap’s network of corporate financial partners”.

Adds Ivicevic: “This is not an exit, but the next step of our growth, Finleap is the right partner for it”.

Also Read: Nokia X71 specifications leaked ahead of its launch

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *