June 8th, 2021
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The French fintech company strengthens its position as a key player in financial and accounting management solutions for businesses and accounting firms; reveals its European ambitions.
● Founded in 2020, the fintech, which supports more than 1,000 business leaders and 100 accounting firms, has secured a new funding round, just six months after an initial $18 million Series A.
● Pennylane marks Sequoia’s first investment in France since they established a presence on the ground in Europe last year.
● Pennylane aims to become the leading Financial Operating System for European SMEs and startups by investing in the development of its all-in-one platform for managers and accountants.
Pennylane, the French fintech company launched last year, today announced an $18 M Series new funding led by Sequoia Capital. Pennylane is the first financial management and accounting platform designed for start-ups/SMEs and their accountants. Six months after raising their Series A with its historical investors, Global Founders Capital and Partech, Pennylane’s success has been outstanding: more than 1,000 executives and 100 accounting firms are using the platform to manage their financial data in a single place. The funding will be used to continue to expand the platform and strengthen its tech, product and design teams.
As the first French investment from Sequoia Capital since establishing a team on the ground in Europe, Pennylane joins the firm's portfolio of other leading fintech platforms such as Stripe, Paypal and Square.
“Pennylane is becoming the key financial management platform for SME’s in Europe,” said Luciana Lixandru, Partner at Sequoia. “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.”
Arthur Waller, CEO and co-founder of Pennylane stated: “We are proud to announce this new funding round with Sequoia, which clearly demonstrates confidence and trust in Pennylane’s business model, and supports our vision: to establish the most efficient Financial Operating System for startups and SMEs in Europe. Pennylane provides a marketplace that enables accountants to use the same tools as their clients, communicating with them and giving both the accountant and the client access to up-to-date company data.”
As an all-in-one platform Pennylane centralizes all a company's financial data in real time, allowing managers and executives to leverage up-to-date and reliable data to make decisions, while accountants can focus on their consultancy role by saving time on data entry and collecting receipts.
The platform can be used independently by their own accountant, either in-house or outsourced. Alternatively, clients can rely on Pennylane to select the best professional for their business and geographical location.
Pennylane, the French fintech founded in 2020, is the first financial management and accounting platform designed for start-ups/SMEs and their accountants. Pennylane centralizes all company financial data in real time. As a result, managers and executives can leverage up-to-date and reliable data to make decisions while accountants can fully focus on their consultancy role by saving time on data entry and collecting receipts. Pennylane supports more than 1,000 French start-ups and SMEs and works with over 100 accounting firms.
Pennylane PR Contact
+33 6 08 27 68 85