Signal Iduna acquires stake in Neobank Penta

The participation in the business banking platform marks the start of a mutual cooperation. Both companies expect to be able to offer their customers an "all-round service".

The insurer Signal Iduna is taking a stake in the online bank Penta. The amount of the investment is unknown. According to a statement, the companies have agreed on a contract for mutual cooperation. In the future, customers will be able to use insurance and consulting services from Signal Iduna on the Penta platform. In return, Signal Iduna will offer Penta's services to its insurance customers.

Penta was founded in 2017 by Jessica Holzbach, Luka Ivicevic, Lav Odorovic, Aleksandar Orlic and Gabriel Holbach and is headquartered in Berlin. The startup offers digital business accounts and expense and invoice management to small and medium-sized businesses. Signal Iduna sees the partnership as an opportunity to help its customers make their businesses more digital and thus more fit for the future. The insurer's focus is on the skilled trades, retail and service sectors, as well as public administration.

"The cooperation with Signal Iduna opens up entirely new avenues to our target groups and it will further raise Penta's profile among German SMEs," says Markus Pertlwieser, CEO of Penta. Pertlwieser sees the cooperation as the next big step in creating a digital platform for the finances of self-employed and medium-sized companies.