By @SimonCocking.  Penta Cost-efficient, fast and smart banking for startups and SMEs in Europe. [email protected]

Describe the company – the elevator pitch …

Penta offers cost-efficient, fast and smart banking services for SMEs in Europe. We’re offering a free account for the three months and then a flat monthly fee that works best for your business needs.

You can access your business financials across all your devices. Have real-time updates on all money movements and reminders. Use various software integrations to handle things like payroll and accounting. We believe in empowering businesses to do more, quicker and smarter at a fraction of the cost.

How are you different?

The SME banking industry is one of the most neglected sectors in banking. Opening an account takes days. Its expensive and time consuming. There’s loads of paper-work and handling transactions is complex. Online banking is equivalent to a poorly designed maze where there’s rarely an end.

Currently, banks aren’t helping businesses grow and do more. They’re tying them up with 20th century bureaucracy and legacy code because of their lack of modernity. Having a cost-efficient, fast and smart bank is something all businesses should have access to. Therefore, we’re doing everything we can to empower as many businesses all across Europe to get more from their bank.

With Penta, you can sign up in 10 minutes online. Flat monthly fee. No hidden fees. No penalties. Receive real-time notifications on everything that goes on in your account. Even on the weekends and holidays.

We’re completely online. There are no branches. No waiting in line. No more wasting time. For most of the reasons that you normally call customer service like security, reporting fraud, manually updating funds and sending money can all be done over your phone, tablet or laptop. Instantaneously.

Now you’re in complete control of your business. No one else.

Why will the company / product do well?

When we first started brainstorming about what a great bank would be like, we envisioned the products and services that we would use. We thought of the pain-points of our previous banking service products and how they wasted our time and money. We know the problems that SME owners face everyday and how they could get more out of their bank.

Ultimately, we’re building a product that we would love to use. Something that we know would help us and thousands of business owners save time and money while empowering them to concentrate more on their business and less on their banking.

However, we’re also aware that banks do some things very well! So we’re learning as much as we can by doing research into various banking services offered all across Europe in order to understand how to build something that businesses will get the most out of.

Where are you based?

Berlin, Germany

When was the company launched?

February 2016

What have been your biggest wins to date?

Our biggest win has been by far the team that we’ve put together. Some of us have been in fintech for over 25 years, while others are still in their mid-20s. Our advantage is that we’re able to think about one problem in many different ways. Ultimately helping us assess issues with a fantastic perspective. We compliment each other through our skills and mindsets. Morphing young age with experience.

And what makes every company great is the people. And that’s our biggest asset.

What type of people (market segment) are you trying to attract to your product?

Penta is targeting cashless SMEs who make below €10 million in yearly revenue. These are mainly businesses that work through the Internet or primarily accept wire transfers.

Tell us about your team?

Our team has a wide range of complimentary skills. Some of us have started our first funded startup when we were teens while others have been in fintech for over 25 years. Others were in the German government, helping us get over any regulatory obstacles. We are also geeks and pixel-perfect UI/UX designers.

Our core team is composed of software engineering, finance and operations as well as product development and design.

We believe that the only way to truly build a great company is to understand who our users are. Therefore, we’re making every effort to send personally dedicated emails to every single beta subscriber we have. In order to understand who they are, what their business does and what their pain points and success stories are.

What are you long term plans for your product / company?

Our long term plans are to offer loans to businesses and a wide range of software products that businesses use everyday so that they can make better decisions for their business. We’re also gathering lots of feedback from our current beta subscribers to learn more about what they want.

The development of product will be driven around our vision and the needs of our members.

What are your favourite tech gadgets?

The physical credit/debit card is rapidly becoming a tech gadget, whether we know it or not! We’re looking into some new and interesting technologies and ways that the card can be used online and offline to increase security, reliability and flexibility.

We’re also Apple geeks. My family has had Apple computers and devices since the late 70s. Windows computers have always been banned from my household growing up.

So we tend to look at what other great companies like Apple are doing, as well as our competitors. Our philosophy is “there’s no need to recreate the wheel.” So we look around and see how others have solved some of the problems that we’ve experiencing.

What tech gadgets do you wish you could use to help you?

There is so much fantastic technology and products out there today that it’s a matter of researching what can be used or integrated to help you and your clients. We spend lots of time doing research into new products as well as old ones to give us an overview of what can help us along the way.

How do people get in touch with you?

People can get in touch with me by sending an email to [email protected] or check out or website and subscribe to our beta at www.getpenta.com


If you would like to have your company featured in the Irish Tech News Business Showcase, get in contact with us at [email protected] or on Twitter: @SimonCocking

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