German digital bank Penta has raked in ‎more than €4m ($4.5m) Series B funding round to accelerate its growth in its home country.

The funding round was led by new investors including venture capital firm S7V, and an international VC fund of Christian Angermayer Presight Capital.

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Two family offices of Penta also participated in the funding round.

The latest funding rounds brings the total amount raised by the company in Series B to over €23m.

Penta, the digital platform for business banking, is expected to use the fresh capital to develop its new product offerings for small and medium enterprises (SMEs) in Germany.

Penta CEO Marko Wenthin said: “We are very pleased to finalise the second closing and to add such great new partners on our investor side.

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“Especially, in the current corona crisis, it is a strong signal that there are still investors looking out for outstanding companies.

“With the new capital, we plan to accelerate our growth path in Germany and continue developing our product offering for SMEs.”

The previous backers of Penta include a mix of new investors like RTP Global, ABN Amro Ventures and VR-Ventures, and existing investors such as HV Holtzbrinck Ventures and finleap.

Launched in 2017 and headquartered in Berlin, Penta offers a business account to its clients along with a German International Bank Account Number (IBAN), debit cards and more.