- Penta and SWK Bank agree to exclusive cooperation
- Deposit specialist SWK Bank launches term deposit for companies for the first time
- Penta expands its banking platform
Berlin / Bingen am Rhein, November 10, 2021
The Penta digital merchant banking platform and SWK Bank, one of the leading direct banks for loans and term deposits, will work together in the future exclusively to offer corporate term deposits to SMEs. Small and medium-sized businesses, self-employed and self-employed people can thus invest their working capital at fixed interest rates for different periods and avoid negative interest rates. Penta and SWK Bank made the announcement today. For Penta, this cooperation is an important step in the expansion of its banking platform with selected services. SWK Bank is for the first time expanding its deposit portfolio to include term deposits specifically for businesses.
Commenting on the cooperation, Lukas Zörner, Product Manager at Penta, said: “We see a huge need among our clients to be able to store excess liquidity in a way that preserves value. So far there are hardly any offers for this. With SWK Bank as the partner, we add a suitable module for term deposits on our platform.With all types of loans, interest-bearing deposits are a staple product for a banking platform.
Ulf Meyer, spokesperson for the board of directors of SWK Bank, on the launch of the corporate term deposit: “We are pleased to bring our corporate term deposit, a transparent, flexible and secure investment product, accessible to online companies in a fast, simple and convenient way with our partner Penta in the current environment of negative interest rates. After selecting the desired investment amount and the desired duration, the applicant simply enters their personal data, legitimizes themselves and can then transfer the investment amount. The necessary supporting documents, depending on the legal form, can be easily uploaded in the application process. “
The minimum deposit amount is € 10,000, maximum € 5 million, interest income is paid at the end of the term, which ranges from 12 to 120 months and has different interest rates accordingly from 0.00 to 0.25% per annum, Penta customers receive special conditions. Deposits are protected up to 100,000 euros per depositor and per bank by statutory deposit insurance. Pros: There are no hidden extra fees, there are no fees, and opening and managing the business fixed deposit account is free. Thanks to the manageable investment period, the investment is safe to plan, there are individual terms and an extension is possible at the end of the term. Further information is available at https://getpenta.com/de/partner/swk-bank
The market for corporate term deposits in Germany is large. According to the Bundesbank, corporate clients in Germany had invested around 12.5 billion euros in fixed rate deposits in the second quarter of 2021. According to Zörner, “Small and medium-sized enterprises are looking for investment opportunities for their deposits for various reasons. . “These include, for example, existing profits that need to be reinvested at a later date, current operating funds that are in the accounts until they are used up, and investor funds from startup fundraising rounds. “In today’s low interest rate environment, entrepreneurs often have to pay negative interest rates for such working capital in their accounts.”
Penta is the digital business banking platform for small and medium-sized businesses, as well as sole proprietorships and the self-employed. Within minutes, businesses can digitally apply for a business account and receive a German IBAN, debit cards, digital expense management and many other financial solutions. As an official partner of the DATEV Marketplace, Penta allows the transfer of accounting data via the official interface to DATEV. The company was founded in 2017 and is headquartered in Berlin, with another office in Belgrade.
Founded in 1959, Süd-West-Kreditbank, or SWK Bank, headquartered in Bingen am Rhein, is one of the leading direct loan and term deposit banks and employs 150 people, with total assets of 1, 5 billion euros in 2020 (up 10.4% compared to 2019). SWK Bank is considered a pioneer in digitization and innovation, offering fast application processes with TÜV approved security. As a bank-as-a-service partner, SWK Bank cooperates with other banks and fintech companies and makes its systems and processes available as services in the area of loans and deposits.
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