Pennylane offers a cloud-based accounting and financial management platform designed for businesses and accountants. The platform centralizes invoicing, expense tracking, bookkeeping, cash flow monitoring, and financial reporting into a single interface.
Pennylane focuses on replacing fragmented accounting tools with a unified system that improves collaboration between business owners and finance professionals.
What Is Pennylane and What Does It Do?
Pennylane, founded in 2020, is a Cherbourg-en-Cotentin–based (France) finance and accounting technology company. The platform provides tools for procurement management, invoicing, bookkeeping, cash monitoring, and financial reporting.
Pennylane employs around 230 people and primarily serves SMEs, startups, and accounting firms looking to streamline financial operations.
How Much Funding Has Pennylane Raised?
1. Seed Round
- Amount Raised: $4.3M
- Lead Investors: Global Founders Capital, Partech Partners, Kima Ventures
- Motivation: To build the initial accounting and finance platform.
2. Series A
- Amount Raised: $18.4M
- Lead Investors: Global Founders Capital, Partech Partners
- Motivation: To scale product development and onboard early business customers.
3. Series B
- Amount Raised: $57M
- Lead Investors: Sequoia Capital, Global Founders Capital, Partech Partners
- Motivation: To expand market reach and strengthen platform automation.
4. Series C
- Amount Raised: $32.4M
- Lead Investors: DST Global
- Motivation: To accelerate growth in the European SMB market.
5. Series C (Extension)
- Amount Raised: $43.1M
- Lead Investors: Sequoia Capital, DST Global
- Motivation: To support scaling and operational expansion.
6. Series D
- Amount Raised: $82.2M
- Lead Investors: Meritech, CapitalG, Sequoia Capital, DST Global
- Motivation: To deepen product capabilities and expand internationally.
Total Funding Raised: $237 Million
Current Valuation: $2.16 Billion (as of April 2025)
Latest Funding Date: April, 2025
Key Investors
1. Sequoia Capital
- Details: Global venture capital firm backing category-defining technology companies.
- Investment Focus Areas: SaaS, fintech, consumer internet, enterprise software.
- Notable Investments: Pennylane, Stripe, Airbnb, Klarna, WhatsApp, Snowflake.
2. Meritech
- Details: Venture capital firm focused on scaling high-growth enterprise software companies.
- Investment Focus Areas: SaaS, cloud platforms, fintech infrastructure.
- Notable Investments: Pennylane, Databricks, Snowflake, Box, Roblox.
3. CapitalG
- Details: Growth equity fund backed by Alphabet, supporting late-stage technology companies.
- Investment Focus Areas: Enterprise software, fintech, AI-driven platforms.
- Notable Investments: Pennylane, Stripe, UiPath, Duolingo, Lyft.
4. DST Global
- Details: Global investment firm focused on internet and software companies at scale.
- Investment Focus Areas: Fintech, SaaS, marketplaces, enterprise platforms.
- Notable Investments: Pennylane, Revolut, Stripe, Klarna, UiPath.
Where Is Pennylane’s Headquarters?
Pennylane is headquartered in Cherbourg-en-Cotentin, France, positioning the company within France’s fast-growing fintech and accounting software ecosystem.
What’s Next for Pennylane?
Pennylane is focused on expanding across Europe, strengthening AI-driven accounting automation, and deepening partnerships with accounting firms. With a valuation above $2 billion, the company is well-positioned to become a leading financial operating system for SMEs across the region.
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