- Penta and SWK Bank agree on exclusive cooperation
- Deposit specialist SWK Bank launches fixed-term deposit for companies for the first time
- Penta further expands banking platform
The digital business banking platform Penta and SWK Bank, one of the leading direct banks for loans and fixed-term deposits, will be working together exclusively in the future to offer corporate fixed-term deposits for SMEs. Small and medium-sized enterprises, freelancers, and solo self-employed persons can thus invest 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 expanding its deposit portfolio for the first time to include fixed-term deposits specifically for business customers.
Commenting on the cooperation, Lukas Zörner, Chief Product Officer of Penta, said: "We see a considerable need among our customers to be able to park surplus liquidity in a value-preserving way. So far, there are hardly any offers for this. With SWK Bank as a partner, we are adding a suitable module for time deposits to our platform. Alongside all types of loans, interest-bearing deposits are a core product for a banking platform."
Ulf Meyer, Spokesman of the Management Board of SWK Bank, on the launch of the corporate time deposit: "We are pleased to make our corporate fixed-term deposit, a transparent, flexible and secure investment product, available to companies online in a quick, simple and convenient way with our partner Penta in the current environment of negative interest rates. After selecting the desired investment amount and the preferred term, the applicant simply enters his personal data, legitimizes himself, and can then transfer the investment amount. The necessary supporting documents, depending on the legal form, can be conveniently uploaded in the application process."
The minimum deposit amount is 10,000 €, maximum of 5 million €, interest income is paid out at the end of the term, which varies from 12 to 120 months and has correspondingly different interest rates of currently 0.00 to 0.25% p.a., Penta customers receive special conditions. The deposits are protected up to 100,000 euros per depositor and bank by the statutory deposit insurance. Advantages: There are no hidden additional costs, there are no fees, and both the opening and the management of the corporate fixed deposit account are free of charge. Thanks to the manageable investment period, the investment is safe to plan for, 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 time deposits in Germany is large. According to Bundesbank, corporate customers in Germany had invested around 12.5 billion euros in fixed-interest deposits in the second quarter of 2021. According to Zörner, "Small and medium-sized companies are looking for investment opportunities for their deposits for a variety of reasons." These include, for example, existing profits that are to be reinvested at a later date, current operating funds that are in accounts until they are used, and investor funds from financing rounds at startups. "In the current low-interest-rate environment, entrepreneurs often have to pay negative interest rates for such working capital in their accounts."
Penta is the digital platform for business banking for small and medium-sized companies, as well as sole proprietors and freelancers. Within minutes, companies 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 DATEV Marketplace Partner, Penta enables 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 banks for loans and fixed-term deposits and employs 150 people, with total assets of €1.5 billion in 2020 (up 10.4% compared to 2019). SWK Bank is considered a pioneer in digitalization and innovation, offering fast application processes with TÜV-approved security. As a banking-as-a-service partner, SWK Bank cooperates with other banks and fintech companies and makes its systems and processes available as services in the lending and deposit business.