Pennylane, a Paris, France-based fintech company, raised €40M in Series C funding.
Backers included Sequoia Capital and DST Global.
The company intends to use the funds to accelerate development of its platform, investing in artificial intelligence for accountants, and expand to other markets in Continental Europe in 2024.
Led by Arthur Waller, CEO and co-founder, Pennylane is building the financial OS (Operating System) for European SMEs. It acts as a single source of truth for financial and accounting data, used on one side by entrepreneurs to run their business (invoicing and getting paid, paying suppliers and expense management, piloting cash and profitability) and on the other side by their accountant for bookkeeping and tax filings.
The platform is used by over 2,000 accounting firms.
FinSMEs
09/02/2024