German business banking platform Penta has launched a credit offering in partnership with local fintech iwoca.
The move is aimed to expedite online credit approval process for small businesses.
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With the collaboration, Penta’s customers can access iwoca portal to apply for credit in a ‘few minutes’.
If approved, the fund will be disbursed on the same day.
Through iwoca Germany, consumers can apply for loans of up to €100,000, with flexible repayment options.
Penta CEO Marko Wenthin said: “We have built a platform that provides companies with all the products they need in their day-to-day business, in one place!
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By GlobalData“By partnering with iwoca, our customers now have a single point of access to a credit provider that will make their day-to-day life easier and bring the important issue of liquidity management a big step forward.”
The launch of the new offering builds on an in-house survey on Penta users. Results revealed that demand for flexible credit with ‘fast and easy’ processes was high among users.
Headquartered in Berlin, Penta primarily caters to small and medium-sized enterprises (SMEs) with business specific financial services.
It also has two other offices in Milan and Belgrade.
In April this year, Penta was acquired by another local fintech firm finleap.
Subsequently, in August, Penta raised €8m in a funding round to support its expansion plans. The round was led by HV Holtzbrinck Ventures.
