German business banking platform Penta has raised €8m in a funding round led by HV Holtzbrinck Ventures.

The company’s existing shareholders finleap and Fabrick also participated in the round. After the latest funding round, HV has also become a shareholder of Penta.

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In April this year, finleap acquired Penta. It was followed by a merger with Beesy, an Italian firm providing digital financial management solutions for micro-businesses.

The latest funding is expected to support the company’s expansion plans as well as help to bolster its current product portfolio.

Penta CEO Marko Wenthin said: “This funding will allow us to further invest into our product and partnerships to become the financial platform of choice for small and medium sized companies.

“Additionally, we will push the internationalisation of Penta, starting with Italy this year.

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“We are very proud to welcome our new investor on board, and we are happy to work together in order to continue creating a truly innovative and digital banking experience for SMEs.”

Currently, Penta operates from three offices located in Berlin, Milan and Belgrade.

Since its launch in 2017, Penta has launched several products including debit cards for teams, expense management, integrated accounting solutions with Debitoor and lexoffice.

It is said to serve more than 10,000 companies with their digital banking services.

HV partner Barbod Namini said: “We strive to back exceptional teams, looking to build transformational companies that challenge the status-quo and disrupt huge markets.

“In Penta, we found an incredibly talented team with a huge ambition and a product centric and customer-oriented approach.

“We are looking forward to being a close partner to Penta on the road to redefining business banking in Europe.”