French fintech Pennylane has raised $57 million (€50 million) in Series B funding. The round was led by existing investors Sequoia Capital, Global Founders Capital, and Partech to accelerate the expansion of its financial OS to European SMBs and accounting firms.
Founded in 2020 by Arthur Waller, Quentin de Metz, Tancrede Besnard, Edouard Mascré, Alexandre Roquoplo, Thierry Deo and Felix Blossier, the financial and accounting management platform is designed for SMEs and their accountants. The startup has developed a platform that combines complete production software for accountants and a financial management tool for their clients. By offering them a shared tool, it allows accountants to spend less time processing data and more time analysing it, and their executive clients to spend less time on administrative management while having all the tools they need to better manage their business.
The platform has raised $96 million since its launch in 2020. Going forward, it plans to reach 500 employees by the end of the year and create the largest technical team of 275 people in the account tech industry in Europe.
The account tech company will also start its European expansion in 2023 by entering Spain and Germany.
Arthur Waller, CEO and Co-founder of Pennylane said: "This new funding round comes at a pivotal point in our growth. We have all the elements to significantly scale up and continue to develop the best accounting tool on the market. We’re also really proud of our remote-first culture and are excited to grow our team and recruit the most talented people across tech and data regardless of where they are.”
“In a very short time, Pennylane has seen remarkable traction with accountancy firms and SMEs in France, as they solve the financial and accounting pain points across these two markets," said Luciana Lixandru, Partner at Sequoia.