Pennylane Raises $57M Series B to Expand Business Management Tools

Accounting and business tools software startup Pennylane raised $57 million (50 million euros) in a Series B funding round led by Sequoia Capital, with participation from Capital and Partech.

The fresh infusion of capital will be used to help the startup continue building out its platform to integrate financial management tools for business leaders and production software for accountants. Pennylane has raised $96 million since 2020.

See also: APIs Unlock Financing For Underserved SMBs

Pennylane is also developing expanded functionalities, with the goal of becoming a central company in electronic invoicing for very small enterprises (VSEs) and small- to medium-sized businesses (SMBs). The company is striving 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 keep their accounts. More and more firms decide to migrate all of their files on the platform — whether they are ‘young’ firms which settle and exclusively use Pennylane or more established firms which migrate hundreds of their files on our platform,” Arthur Waller co-founder and CEO, said in a press release.

Read more: Why SmileDirectClub Uses Digital Lockboxes to Streamline Receivables

“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% over the past 6 months. The overall number of new business users of the platform is increasing by 30% every month,” Waller said.

Launched in 2020 and headquartered in Cherbourg, France, Pennylane was co-founded by Waller, Felix Blossier, chief operations officer; Quentin de Metz, chief technology officer; Tancrède Besnard, head of products; and Edouard Mascré, head of sales.

You may also enjoy: 59% of CFOs are Focused on Payments Digitization