German fintech start-up Penta has collaborated with UK-based contactless EMV terminal provider SumUp to expand its business to traditional sectors.
Under the agreement, SumUp will offer its card reader to Penta’s customers such as healthcare, restaurants, craftsman, and architects.
So far, the Berlin-based fintech was serving small and medium-sized firms, which were online savvy and refrained from engaging with traditional banks.
The collaboration with SumUp will enable Penta to target the traditional midcap sector, reinforcing its position in both online and offline payment landscape.
Commenting on the tie-up, Penta CEO Marko Wenthin said: “Penta is the only player in the industry which started right from the beginning with a sharp focus on small and medium-sized companies who had mainly online banking needs.
“We are now expanding to serve traditional industries, which form the backbone of German and European society and economy.
“Individual companies such as restaurants, manufacturers, architects and healthcare professionals, are forming the largest part of the SME market in Germany and Italy, but they don’t get the attention of traditional banks that they deserve. We are changing that now, together with SumUp.”
Now, Penta will also enable the businesses to open their digital accounts, issue payment cards, grant limits and permissions to their team, manage expenses and accept card payments using SumUp’s solution.
Businesses that purchase a SumUp Card Reader through Penta will be able to save on the initial setup charges.
SumUp head of sales and partnerships James Henry said: “By cooperating with Penta, we will enable even more small and medium-sized companies to digitise their business and make the payment experience as convenient as possible for their customers.
“Penta, with its growing customer base of companies, is the ideal partner for us to reach the broad mid-market. ”