German company Penta is partnering with solarisBank to launch a new digital bank that has been designed to meet all the needs of startups and small- and medium-sized enterprises (SMEs). Co-founder and CEO Lav Odorovic believes that these segments are underserved by current banks and that they are hindered by current banks making “account opening cumbersome and much more difficult than it should be, whilst simultaneously charging exorbitant fees”. The new bank also plans to partner with the best FinTech and business application providers to offer their customers easy access to important tools for startups and SMEs.
Penta will also offer businesses a completely free account with up to 10 free transactions per month in order to help them grow. The bank’s philosophy is that, as a customer’s business grows, so too will their banking needs. Customers can then take advantage of additional paid Penta products and services through the Penta Business App Store in a concept they call “Pay as You Grow”.
Currently, Penta is only available for businesses registered in Germany; however, it has plans to expand to the rest of Europe in the near future.