Paris-based fintech company Pennylane, which brings together accountants and tech to help startup founders and small business owners manage their admin, has scored €4 million in funding from Global Founders Capital, Partech and Kima Ventures, the investment vehicle of Xavier Niel.
The company was started by the founders of PriceMatch – acquired by Booking.com in 2015 - which, judging by the team picture above, is a group that didn't exactly include a lot of women.
Launched in beta only a few months ago in beta, Pennylane is already being used by some 100 companies, the startup says, helping them run their businesses 'in real time' with a single product based on accounting data. For the latter, it banks on a number of integrations with other platforms.
The financing round will help boost the development of the platform and to expand its team of accountants; it plans to hire 25 extra of those by the end of the year.
Arthur Waller, a co-founder of Pennylane, said: "Real-time and actionable accounting is a natural choice for startups that have taken advantage of digitalization to improve their efficiency and speed. With the real-time dashboard, we offer managers a real value-added service that will help them to make the right decisions faster. This is only possible because we offer a human service powered by technology."