Paris-based financial and account management solutions provider Pennylane has raised €15 million in new funding from Sequoia Capital. The is Sequoia’s first investment since establishing an on-the-ground presence in Europe and now places Pennylane in the same portfolio as Stripe, Paypal, and Square. The funding is expected to further fuel the fintech’s technology offer, product, and design teams. To date, Pennyland has raised €26 million.
Founded in 2020 by Alexandre Roquoplo, Arthur Waller, Edouard Mascré, Félix Blossier, Quentin de Metz, Tancrède Besnard, and Thierry Déo, Pennylane’s aim is to become the defacto financial management and accounting platform for startups and SMEs and their accountants. The offer centralises companywide financial data in real-time and gives business leaders up-to-the-minute data to make decisions, freeing up accountants to focus more on a consultancy role, rather than data chaser.
The firm is working with over 1,000 French startups and SMEs and 100+ accounting firms.
“Pennylane is becoming the key financial management platform for SME’s in Europe,” said Sequoia’s Luciana Lixandru. “We are thrilled to partner with their exceptional team to ensure businesses of any size can have a single, up-to-date source for their financial data and improve how they collaborate with their accountants.”