Hungarian fintech startup developing a digital factoring solution receives funding of ~ EUR 700K

It is difficult for SMEs to obtain financing not only due to the strict requirements but also because of the often intransparent conditions and high administrative burdens involved. Péntech’s digital factoring solution simplifies the factoring process and makes this form of financing more accessible to smaller businesses.

SMEs can register and apply for funding in a few minutes through an easy-to-use web application. The financing request is evaluated in seconds by Péntech’s risk analysis algorithm and a personalized offer is made to the company presenting the request. As a result of digitization and efficient processes contracted customers are paid out within 24 hours.

The company was established in 2019 by the internationally experienced founding team of Benjamin Berényi (CEO), János Csák, CFA, FRM (CFO) and dr. Bálint Réti (COO). The company entered the market in beta mode in the autumn of 2019. From spring 2020 the digital factoring platform is fully functional and is used by more than 300 registered users.

In 2019, Péntech was chosen as the most promising Hungarian fintech startup at the Budapest FinTechShow. In the same year, they won the fintech category of Startup Europe Awards Hungary as well. Hiventures, part of the MFB Group, has noticed Pentech’s potential after winning the FinTechShow award, and in August 2020, the parties managed to agree on a ~ EUR 720k (HUF 250 mn) capital investment, in which one of the earlier investors 365.fintech, a Slovak fintech-focused VC participated as well.

“Our primary goal with this investment is to scale our presence in Hungary and financing accessible to as many companies as possible. This way we can support them to achieve predictable, efficient operations and growth even in times of a crisis,” added Benjamin Berényi, CEO of Pentech.

In addition, the company aims to expand its product portfolio and start expanding mainly in the Central European region in the coming years. Credit and debt collection products are already available on the site in beta.

Péntech, Hungarian fintech startup developing a digital factoring solution receives funding of ~ EUR 700K in August, 2020 investment round.

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