The Berlin-based fintech will use the funding to increase its workforce and build its marketplace offering.

It has now raised €10m in total and plans to grow its team from 40 members to 100 in the coming year.

Penta’s user base for its business accounts has grown 900% since its last funding round eight months ago.

Some 68% of its new customers' accounts are opened by businesses switching from their existing bank, while the rest are businesses which are incorporating.

The fintech also plans to introduce automated accounting and international transfers in the coming months.

The investment was made by Inception Capital, which had previously invested in Penta.

Lav Odorovic, CEO and co-founder at Penta (pictured above), said: "We’re very happy to have closed our Series A as it’s a huge endorsement for the product we’re offering and the customers we’re serving.

“We're grateful to have such [a] brilliant and passionate team, as well as investors who have unparalleled skills in building global businesses.

“We’re fortunate to have great traction so we did not have to look for new investors (something which is often tedious and time consuming), as a result we had more time to focus on the business and serving the needs of our customers.

“Our ultimate goal is to make it as easy as possible for business owners to manage and make the most out of their time and money, while offering them the best products on the market.

“To help us achieve this goal, we will continue to hire brilliant people, while continuing to focus on building the best business bank account that Europe has to offer.”