Penta is a fintech start-up from Berlin. It was founded by a group of entrepreneurs who were disappointed with the products of old German banks. The solution to make banking easier for companies was to design a system that is intuitive, simple, and easy to understand. Penta’s solution is ideal for the small-medium business looking for a customer-centric, digital-first business account. A requirement for joining is your German company. It works into your business & accounting workflow, saving you and your team time.
Penta is an SME Business account, for Startups.
Signup is super simple, 100% English service. 1-month trial, The first tier will cover most of the companies (9€/month).
Fees are less than in a traditional bank and flexibility is much more.
It is also integrated with the other accounting & controlling tools you have. Controlling company/employee expenses is a breeze.
Penta isn’t right for freelancers because the functionality isn’t suited for them (N26 or Kontist).
You should never use Penta if your business processes a lot of money. Penta didn’t come with money in mind.
Neobanks as always is popular for the user interface and low fees but customer service is not so great. But there is also phone support for all subscribers no matter the plans.
No overdraft is possible.
Penta also assists you with the formation of a business in Germany (at a surcharge).
It has some very special USPs: Cash flow analysis & loan application right on the app.
Penta’s unique strengths & features
As well as this Penta bank review, these are some of the other great aspects that make it stand out from the crowd:
Employee cards
Employer cards are perfect if you’ve got a few workers and want to automate your spending. They let you set up your team with business debit cards and make it easy to monitor your team’s spending with limits and digital receipts.
Kompass
One cool element which should be big in any Penta bank review: is Kompass. And if you want to get into the business but don’t know how then this service is for you. With Kompass, you will be given guidance on the registration of your company from a lawyer, notary and tax advisor, and it is handled by a Penta agent who works for you.
Penta Kompass comes in two bundles: Express and Advisory. Advisory: This is the major difference apart from the price but you get some additional legal support with Advisory.
Express package: €239 (one-off fee) Advisory €349.
Sub-accounts
Sub-accounts are simply other accounts above your current main Penta account. These accounts all have their own IBAN and you can access payments and send payments, see transactions and download bank statements from any of them as you would from your main account. This is a nice business-friendly feature.
DATEV & accounting software integration
There’s another advantage of Penta, which is the built-in accounting capabilities. You can even add third-party accounting software like Lexoffice or Debitoor, and import receipts and label transactions in Penta with ease. You can also configure spending caps and export all transaction history to DATEV. The other boon is that you can give access to your account to your accountant or tax professional yourself. Every freelancer that has ever pulled out a shoebox full of receipts and attempted to construct a full-length tax return knows the pain, and how much time it will save.
Kfw Instaloan
You can also apply for loans with ease via the Penta web app. : When you’ve got an account you will be able to access and complete the loan application. Once that is provided, that is scanned by the Vereinigte Volksbank Raiffeisenbank eG partner bank. The loan type in which you can lend as much as 300 000€ for a flat 3% interest rate for 10 years (incl. 2-year grace period) in Corona-related aid packages.
Penta Slack community
Another neat feature Penta has is their Slack community. It’s a means of reaching out to other people, hearing what’s new on Penta, speaking to the Penta team or just for some support-related queries.
Penta roadmap
Penta is an en-route thing and it is transparent about that. Unless you feel there is something you wish was included, you can always see Penta’s Roadmap to see if it’s coming soon. The roadmap gives you the full picture of what Penta is working on, how it’s unfolding, and just how close it is. This is this full transparency you don’t find in other banks and it’s nice that Penta has built this into their system.
Cashflow forecasts
Depending on the current data & the incoming and outgoing transactions, Penta forecasts the future of your bank account balance so you can invest and spend confidently. As all Penta bank reviews are going to tell you: this is unique on the market, even if it doesn’t take the place of a financial adviser.
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