Pennylane funding news – Paris-based Pennylane Secures an Additional €75 Million in Funding

Read also - EcoDataCenter funding news – EcoDataCenter Secures €450 Million in Funding

CEO and Co-founder, Arthur Waller said: “This fundraising demonstrates the trust our investors have in us and confirms our ambition to make Pennylane the go-to solution for integrated financial management and electronic invoicing. We are proud of our momentum in France, every day 4,500 accounting firms and 350,000 of their clients use our platform daily. Over time, we plan to earn the trust of businesses across Europe, too.”

Pennylane aims to be the main platform for managing financial and accounting data. Entrepreneurs use it for tasks like sending invoices, getting paid, managing expenses, and tracking cash flow and profits. Accountants use it for bookkeeping and filing taxes.

In the past year, the number of small and medium businesses using Pennylane has tripled. This growth is supported by 4,500 accounting firms who use the platform daily, along with over 350,000 of their clients.

Waller said, “Thanks to our platform, companies can now send and receive electronic invoices, allowing them to smoothly anticipate reforms coming across Europe, complying with new obligations effortlessly,”.

The new funding will help Pennylane work toward its goal of making all-in-one financial management the norm in Europe. It will also support accounting firms in becoming more like strategic advisors to their clients.

Waller said, “Although we were not actively seeking funding, this opportunity allows us to further accelerate the development of additional services around purchase and sales invoices to offer businesses and firms a fully integrated and interoperable solution, designed to address the challenges of digital transformation,”.

Sequoia partner Luciana Lixandru concluded:”Pennylane’s relentless customer focus continues to drive momentum and trust, with the number of SMEs on their platform increasing 3X in just the past 12 months. Sequoia first partnered with Pennylane in 2021 and Arthur and the team’s speed of execution has impressed us every day since. We’re excited to lead this round and support Pennylane to deliver even greater impact for businesses and their trusted accountancy firms.

About Pennylane

Pennylane is creating a financial operating system for small and medium businesses in Europe. It offers one platform where business owners can manage tasks like invoicing, payments, expenses, and cash flow, while their accountants use the same system for bookkeeping and tax filing.