Penta was originally incorporated in the UK because our founders did a Startupbootcamp accelerator program in London. Now Penta operates in Germany, our HQ is based in Berlin.
Penta accounts are provided in cooperation with solarisBank AG, a German bank holding a full German banking license and regulated by BaFin. solarisBank provides a deposit guarantee of up to €100,000 - just like any other bank in Germany. Therefore, Penta’s registration in the UK does not anyhow affect the service/guarantees you receive.
We are currently in the process of registering a German legal entity (GmbH), it will be finished in the first months of 2019.