Paris-Based Unicorn Pennylane Raises €175M Funding Round

The round was led by TCV, with participation from Blackstone Growth, alongside continued support from existing investors Sequoia Capital, DST Global, CapitalG and Meritech Capital.

Arthur Waller, co-founder and CEO of Pennylane, explained “We had no immediate need for funding, but the opportunity to partner with investors like TCV and Blackstone with low dilution was a strategic advantage. This gives us the resources to stay fully independent while accelerating our lead in AI and expanding across Europe. Our mission remains unchanged: being the reference tool for accountants and their clients.”

Founded in 2020, Pennylane is a French accounting and financial management platform serving accounting firms and their SME clients. It centralises financial and accounting data, enabling entrepreneurs to manage invoicing, payments, expenses, cash flow, and profitability, while supporting accountants with bookkeeping and tax filings.

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The company said the funding comes amid faster-than-expected growth and as it nears profitability. Pennylane added that the round strengthens its long-term position to prepare for European market consolidation and the rollout of electronic invoicing.

“Pennylane deliberately selected investors who fully share the company’s vision. These partners operate with a long-term logic and adhere to the company’s governance charter. This charter guarantees the absolute control of the founders, the absence of price increases, and the continuity of the product strategy,” mentioned the company in the press release.

The new funding will be used to expand R&D across multiple areas, including building generative AI tools such as an analysis-assistant co-pilot for accountants, localising products for German regulatory requirements, preparing for electronic invoicing in 2026, and enhancing payment and cash management offerings.

Since 2024, Pennylane has been a registered Authorised Platform (formerly PDP) with an operational electronic invoicing solution. The platform currently serves over 6,000 accounting firms and 800,000 client companies and employs 1,000 staff.

Earlier, in April 2025, the company raised €75 million in a round co-led by Sequoia Capital, CapitalG, and Meritech and in November 2025, Pennylane officially entered the German market.

About Pennylane

Pennylane is building the financial OS for European SMEs, centralizing accounting and financial data. Entrepreneurs use it to manage invoicing payments, expenses cash flow and profitability, while accountants handle bookkeeping and tax filings, creating a single source of truth that streamlines business operations and financial management across Europe.