FAQ

Hi there! Welcome to the Penta FAQs! 🎉

We’ve tried to answer everything from “What is Penta 🤔” to banking and future products questions. We really hope this helps. If it doesn’t help (please don’t be angry 😡) but instead, write us an email at hello@getpenta.com and we’ll respond as soon as we see it!

These questions have been last updated on December 15th 2017.

General

What is Penta? 🤔Is Penta a bank?What legal form does my business have to have in order  to be eligible for an account? 📁📑Are my savings safe?When do you launch?Will opening an account influence my German SCHUFA score?What does “Open Beta” mean?How do I complain 😡?Why should I choose Penta, rather than a traditional bank or other digital banks?Which countries will you tackle next?

Registration

How do I sign up?What information do I need to provide Penta with to sign up?What documents do I need for opening the account?How long does the registration take?

Costs

Will my account stay free?Are there any hidden costs?What ATM fees do you charge?What is the pricing concept on these additional services and apps?

Product & Account features

Does this qualify as a normal bank account?How many debit cards come along with one account?What happens if I lose my card?Can I use a Penta account with my cofounders?Can I use my app on multiple devices?What features are already available in my Penta account as of today?Can I cancel my account?

General

What is Penta? 🤔

Penta offers a full-fledged German bank account with a German IBAN, and a business MasterCard via solarisBank, Penta’s partner bank. In the future, Penta’s business customers will be able to take advantage of apps and services that will make your business banking really easy.

Is Penta a bank?

We’ve partnered with SolarisBank who is providing us with their banking license and some of their technology so that we can provide you with a fantastic business bank account.

What legal form does my business have to have in order to be eligible for an account? 📁📑

At the moment, Penta is only available for German businesses. This includes one of the following company forms:  GbR, OHG, PartG, KG, UG, GmbH, AG, eG or eK.

Are my savings safe?

Yes. Your funds are protected by the European Deposit Guarantee Fund that insures all deposits in regulated institutions, such as banks up to €100,000.

When do you launch?

We’ve just launched! We’ve been overwhelmed with the amount of traction we’ve received in the past few weeks and months and we’re slowly rolling out Penta to the thousands of businesses on our waitlist. You can expect to receive an invitation to get Penta within the coming weeks.

Will opening an account influence my German SCHUFA score?

No, there is no negative influence. Since Penta provides you with a debit account without a credit line (or the possibility to have a negative balance) we do not report to Schufa.🤐

What does “Open Beta” mean?

For several months, we were doing extensive testing in a Private Beta which helped us make sure the basics are stable and robust, like: making a payment, viewing transactions and signing up.

This extensive Private-Beta testing has helped us build a robust and technically secure offering for your business. So starting from mid December, we’re ready to scale Penta by inviting the 3,000+ German business owners we have on the waitlist to open a Penta account.

However, we’ve kept the title “Open Beta” because we’re still testing and improving the core-experience. There still may be some bugs, or the UX might not be as great as you would expect from us. But in order for us to squash bugs, improve the UI/UX and add more features, we need your feedback! So please send us as much feedback as possible.

How do I complain 😡?

If you have a complaint the best way to contact us is via email to help@getpenta.com. Otherwise please feel free to call us directly. Any complaint is valuable feedback for us and will help us to get better every day (we really mean that so please feel free to send us your thoughts or issues!).

Why should I choose Penta, rather than a traditional bank or other digital banks?

Penta is easy. And more powerful. Everything is digital and the pricing model is tailored exactly to your needs. We make sure you never have to print out documents, go to a branch or wait for hours to reach customer support.

Registration

Which countries will you tackle next?

Next countries are UK, Netherland, Poland, Spain & Belgium. If you have other urgent requests come and talk to us or send us an E-Mail.

How do I sign up?

You can sign up online in minutes! We recently launched and we’re slowly rolling Penta out to everyone who is on our waiting list. You can join the waitlist here and be the first to know when we’re ready to accept you. If you’re already on the list, you can expect an invite within a few weeks 😊.

Are my savings safe? Is there a limited guarantee if the bank goes bust?

Deposits are insured up to €100,000 by the National Deposit Guarantee Scheme, same as for any BaFin regulated bank account in Germany.

What information do I need to provide Penta with to sign up?

Once you get your invitation, we’ll ask you to provide us with information about yourself, such as your: full name, birthday and address.

We’ll also have to know some information about your business: the business type, the registration number (if applicable), tax information and legal representatives as well as ultimate beneficial owners.

What documents do I need for opening the account?

Only your ID or Passport (it’s really that easy).

How long does the registration take?

Signup takes less in total less than 20 minutes on average for businesses. However, it also depends on you and the other legal representatives of your company. All must go through an online video identification process.

Costs

Will my account stay free?

Yes. The basic account is free, which means you will have one business MasterCard and you can send 10 transactions per month for free. Every transaction after the 10th is 0.10 €.

Once you start growing, you can pay for the services and apps you need to help your business move faster. What are those services and apps? We plan to introduce low-cost FX, automated accounting and more in the coming months!

Are there any hidden costs?

Nope. We’ll always notify you once we charge for something.

What ATM fees do you charge?

We are made for companies with a cashless policy in mind. If you need to withdraw money,  we charge 2% or a minimum of 2 Euro. We are working to improve this in the future. If there will still be cash.

What is the pricing concept on these additional services and apps?

The basic Penta account is free and will stay free forever. You get 10 free transactions per month, and every transaction after your 10th will be 0.10 €. You only pay once you grow for additional apps and features. The full price list is available here.

Product & Account features

Does this qualify as a normal bank account?

Yes. When you open a Penta account, you’ll have a full-fledged bank account via solarisBank.You’ll also have an individual IBAN, a MasterCard, and access to the business apps and services that your business needs to make business banking really easy.

How many debit cards come along with one account?

When opening the account, you’ll receive one business MasterCard sent to your address for free. Have a bigger team? You can order as many as you like for €2 a month per additional card! You can also set different budgets and constraints per card.

What happens if I lose my card?

If you have lost your card, the first step is to log into your app and temporarily block or freeze the card. If you realise it’s lost for good or maybe even stolen you can permanently cancel this card within your app. If you want to order a new card for yourself or one of your employees please reach out to our customer support team via help@getpenta.com.

Can I use a Penta account with my cofounders?

Yes. All Penta business accounts can be used by all legal representatives.

Can I use my app on multiple devices?

We’re testing the mobile app in a closed-Beta that we plan to release in the coming months. However, the current Penta app is responsive and can be opened on your phone.

What features are already available in my Penta account as of today?

Currently you will get Mastercard and basic features, such as payments, standing orders and timed orders. You are able to download bank statements and export transactions as a .csv file to use for your accounting.

Can I cancel my account?

Yes. And we won’t charge you for it, or make it complicated!
But we’ll be really sad... 😔