Accounting software and business tools startup Pennylane has raised $57m (€50m) in a Series B funding round led by Sequoia Capital, with participation from Capital and Partech.
The new capital injection will be used to help the startup continue to develop its platform to integrate financial management tools for business owners and production software for accountants. Pennylane has raised $96 million since 2020.
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Pennylane is also developing extended functionalities, with the ambition of becoming a central player in electronic invoicing for very small businesses (TPE) and small and medium-sized enterprises (SME). The company strives to develop new integrations every month and keep improving the user experience.
“Six months after the launch of our accounting software, more than 300 accounting firms have adopted it and use it daily to collaborate with their clients and maintain their accounts. More and more companies are deciding to migrate all of their files onto the platform, whether they are “young” companies setting up and using Pennylane exclusively, or more established companies migrating hundreds of their files on our platform,” co-founder and CEO Arthur Waller said in a press release.
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“At the same time, the number of SMEs that subscribe directly to Pennylane — and to whom we recommend one of our partner firms — has also increased by 98% in the last 6 months. The total number of new professional users of the platform is growing by 30% every month,” Waller said.
Launched in 2020 and based in Cherbourg, France, Pennylane was co-founded by Waller, Felix Blossier, COO; Quentin de Metz, technical director; Tancrède Besnard, product manager; and Edouard Mascré, sales manager.
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