[Funding alert] Paris-based Fintech Startup Pennylane Secures €40 Million in Series C Round Funding

Thursday 8, 2024 | By Startup Rise EU

Paris-based fintech startup Pennylane secures €40 million in series C round funding from Sequoia Capital and DST Global, reflecting very strong growth over the past two years.

Paris-based fintech startup Pennylane secures €40 million in series C round funding from Sequoia Capital and DST Global, reflecting very strong growth over the past two years.

The company has multiplied by 40 the number of VSE-SMEs on its platform in 24 months thanks to the adoption of the tool by more than 2,000 accounting firms who have brought their clients on board.

Read also - Austria-based Atlas Secures $4.5Million in Funding

Pennylane stands out for its business model: the fintech charges accounting firms for its accounting production tool, while generating additional revenue when firms equip their clients with the all-in-one management tool including an account. pro.

These funds raised will allow Pennylane to accelerate the development of its various modules, to invest massively in artificial intelligence for accountants and to adopt an external growth strategy with companies with complementary know-how.

Read also - London-based Device Authority Secures $7Million in Series A Round Funding

Pennylane already allows accounting professionals to generate significant productivity gains, but also to ensure the reliability of data collected in real time. Accounting firms thus save on average 15% of time per file thanks to automation, from data recovery to tax declarations through automation of lettering.

Arthur Waller, CEO and co-founder of Pennylane said, “This fundraising comes at a time when Pennylane is experiencing exceptional growth, multiplying the number of its customers 40-fold in two years. We were not looking for funding, but we wanted to seize the opportunity again to go even faster. It indeed appears essential that accountants be equipped with a complete tool in order to be armed against neobanks and online accounting solutions which claim to purely and simply replace an entire profession. One year after the last round of funding, this fundraising will allow us to further support accounting firms in their transition to automation and the adoption of new technologies. This includes reorienting their missions towards consulting, updating the skills of their employees, and attracting young talents. We also plan to expand the capabilities of our platform by adopting an external growth strategy over the next 5 years,”.

Luciana Lixandru, Partner at Sequoia , said: " Pennylane solves an important problem for over 120,000 SMEs and over 2,000 accounting firms, by giving businesses their financial information in real time and their trusted third party, their accountants, a smarter, more productive way of working. We continue to be impressed by Pennylane's outstanding technical team, their drive to innovate and their constant focus on their customers. We look forward to "Many accounting firms and SMEs across Europe will benefit from this financial Operating System as Pennylane expands this year ."

Tom Stafford, co-founder and managing partner of DST Global said, “Accountants play an important role in the economy, and a strong, effective relationship between businesses and their accountants is a key component of effective business management,” “The Pennylane platform is already making accountants and businesses more efficient – ​​and there is more to come as the product develops, including new artificial intelligence features. We are excited to continue our partnership with the Pennylane team”.

About Pennylane

The financial OS (Operating System) for European SMEs is being developed by Pennylane. a single source of truth for financial and accounting data that is utilised by their accountant for bookkeeping and tax filings and by entrepreneurs to manage their businesses (paying suppliers, managing expenses, piloting cash and profitability, and invoicing and receiving payment).

Read also - Düsseldorf-based Kauz Secures €2.3 Million in Funding

Recommended Stories for You

story
News

German-based Octomind Secures $4.8 Million in Seed Funding

Startup Rise EU Tuesday 23, 2024

story
News

Dublin-based SynOx Therapeutics Secures $75Million in Series B Round Funding

Startup Rise EU Tuesday 23, 2024

story
News

Paris-based Zefir Secures €11Million in Funding

Startup Rise EU Tuesday 23, 2024

story
News

Helsinki-based HappySignals Secures €12 Million in Funding

Startup Rise EU Tuesday 23, 2024

story
News

Paris-based Payflows Secures €25 Million in Series A Round Funding

Startup Rise EU Monday 22, 2024

story
News

Italian-based Lithium Lasers Secures €2 Million in Funding

Startup Rise EU Monday 22, 2024