INSUBCONTINENT EXCLUSIVE:
Germany in December, and powered by Banking-as-a-Platform solarisBank (rather than holding a banking license of its own), Penta is designed
to meet the banking needs of small to medium-sized businesses, including startups.The premise is that SMEs are currently underserved by
incumbent banks, including account opening being cumbersome and much more difficult than it should be and exorbitant fees charged for making
payments or international money exchange.Penta is also bringing some much-need innovation and features to the German business banking
market.One of those is multi-card support to make it easier to manage company expenses
terms of how much money can be spent and where
challenger bank, which has already grown to a team of 40 and plans to get to 100 over the next year, is seeing 68 percent of new customers
switching from their existing business bank account, with the remaining 40 percent newly incorporated businesses.That suggests many German
Specifically, I understand that multi-card support has been one of the main draw, the kind of feature that older banks with legacy software
often struggle to deliver.
