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We also want to give more power to businesses through Smart Transactions. No more sending half the payment before and half after and filling out paper work. Instead owners will worry less while speeding up the process and saving money for both Penta members and other businesses.
By leveraging smart applications and innovative products that empower businesses to get more done in less time, we’re creating a unique banking experience that’s leaving traditional banking behind and entering the 21st century. Business needs are becoming more unpredictable and complex by the day. We’re aiming to offer the necessary tools that will help businesses accelerate. Ultimately allowing us to offer more complex products like loans, investment and even insurance in a very convenient manner.
IBS Journal: What is the customer proposition, no branches, mobile banking, physical cards etc?
LI: No branches. No paperwork. No friction. Penta is smart, completely online and cost-efficient. Businesses will be able to sign up online in minutes. They can start using the physical card in two days. Our members will have access to their account on their phone, tablet and web. Penta will send real-time push notifications on all money-movements that go on in the account, as well as reminders and updates on pressing matters. Aiming for 2018, we’ll offer data-driven services and business applications as well as expand to other more advanced needs.
IBS Journal: Looking at the year ahead, are there some milestones we should be looking out for?
LI: We’re aiming to roll-out a beta in late autumn. The goal is to get feedback from our members so that we are ready to launch in the spring. We’ve been very lucky to get lots of sign ups up and we’ll be keeping our beta sign up list open on our website for more businesses that are interested. We’ll also be sending updates to our beta members as well as Twitter followers over the coming weeks and months to let everyone know how we’re doing and what milestones we’re facing.
IBS Journal: One of the biggest challenges for new entrants is getting the banking licence, but you seem to be coming at this from a different angle.
LI: Banks are looking for ways to share their fixed costs and increase their assets. Therefore, they’re offering a white-label service that allows FinTech companies like us to use their existing infrastructure and banking licence to provide a fully-fledged banking experience.
We’re taking a very lean approach to product development and company building. At the moment a white-label partnership will keep our costs variable and allow us to grow with our customer base. In comparison, getting a banking licence and building from the ground up may take us years. We believe the required capital should be used to create value for our customers by introducing new products and services that don’t yet exist on the market.
We’ve been putting a massive effort into validating our services in order to help us scale efficiently with our members. We need to focus on what’s important. And that’s exactly what we’re setting out to do.
IBS Journal: It is also important to have the funding to make these things happen. What sort of people are involved in the backing of Penta?
LI: We have four advisors, some of whom have been involved in FinTech for over 25 years, along with banking, government as well as software development. Our biggest advantage thus far is putting together a core team and advisory board that can help us find the right partners in order to help us grow. Finding a sufficient amount of funding is crucial, but the mentorship that comes with the round is even more important. In the upcoming weeks, we’ll be sending out an update to our current and prospective members.
IBS Journal: If you are outlining the vision of what you would like to see at Penta in five years from now, what would that be?
LI: Our five-year mission is for Penta to be the best business bank for SMEs. We want to see that our members are extracting exponential value from the data-driven services and tools that Penta is offering for businesses. We would hope that our members are ultimately spending less time doing their banking and more time focusing on their businesses. If we’re lucky, in five years we’d like to expand to all of Europe and maybe abroad, so that all businesses worldwide can have access to the best tools, features and accounts that empower them to do more.
www.ibsintelligence.com © IBS Intelligence 2016
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