Igor Kuschnir steps down as MD and CFO of Penta

Igor Kuschnir, the managing director and CFO of digital business bank Penta, has announced he is stepping down after almost five years at the firm.

Kuschnir steps down after almost five years at Penta

Writing on LinkedIn, Kuschnir says his time at Penta has been a “rewarding experience” and thanked the company and staff, but does not hint at what he intends to do next.

He adds: “Needless to say that I will remain close to the business as shareholder, supporter and friend.”

Kuschnir joined the Berlin-based firm in 2017 following stints at investment bank Franzen and Company, Citi and Morgan Stanley.

In his role at Penta, he was responsible for the firm’s financial strategy and implemented its financial and operational set-up across three countries and multiple entities. He also led multiple investor education processes and helped the firm raise more than €50 million in funding.

The bank last raised €7.5 million in funding back in February to boost its Series B round to a total of €30 million.

The firm also said goodbye to founder Jessica Holzbach this year, who left the company back in April “to seek a new professional challenge”.

Founded in 2017, Penta is a digital platform for business banking targeted at small and medium-sized enterprises (SMEs), entrepreneurs and freelancers.