Pennylane, a French fintech, has raised €50 million to quickly expand their financial OS. It is meant for European accounting firms and SMBs.
The Parisian fintech, Pennylane, might be only two years old but has grown significantly. To further accelerate their growth, they have received over €50 million in funds. They plan to dominate the European market for the financial OS so that hundreds of SMBs can use just one tool to consolidate their financial management efforts.
Partech, Global Founders Capital, and Sequoia Capital were the investors who are helping make Pennyland the only platform that has combined a SMEs/VSEs financial management tool and accountancy software.
Their past, present, and future
This French start-up raised €15 million in the previous year and have progressed significantly in their mission to aid companies in regaining financial control. Apart from their two in one solution, they also help SMBs pay clients, exchange accounting information, manage cash flow, and more, all in real-time.
They have 180 employees from 20 different nations and aim to have 500 employees by the year’s end. This will lead them to become a giant within Europe’s account-tech industry. Moreover, they also
The co-founder and CEO of Pennyland, Arthur Waller, stated,
“This new funding round comes at a pivotal point in our growth. We have all the elements to significantly scale up and to continue to develop the best accounting tool on the market. We’re also really proud of our remote-first culture and are excited to grow our team and recruit the most talented people across tech and data regardless of where they are”.
The financial OS by Pennylane is also quite popular amongst SMEs and accountants. Thus, their direct customers have seen a growth of 98% within six months and have raving reviews.
Their goal with these funds is to accelerate product development and increase hiring. Pennyland will then start its expansion within Europe in 2023 and enter Germany and Spain.