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RE: LeoThread 2025-04-07 04:44

in LeoFinance6 months ago

French fintech Pennylane doubles valuation to $2.2 billion as Alphabet's venture capital arm takes stake

Accounting software startup Pennylane has raised 75 million euros ($83 million) in a new funding round led by Sequoia Capital.

French accounting software firm Pennylane has doubled its valuation to 2 billion euros ($2.16 billion) in a new 75 million euro funding round.

Pennylane told CNBC that it raised the fresh funds from a host of venture funds, co-led by Sequoia Capital, Alphabet's CapitalG and Meritech. DST Global also partipcated in the round.

Founded in 2020, Pennylane sells what it calls an "all-in-one" accounting platform that's used by accountants and other financial professionals.

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The platform is primarily targeted toward small to medium-sized firms, offering tools for functions spanning expensing, invoicing, cash flow management and financial forecasting.

"We came in tailoring a product that looks a bit like [Intuit's] QuickBooks or Xero but adapting it to the needs of continental accountants, starting with France," Pennylane's CEO and co-founder Arthur Waller told CNBC.

Pennylane currently serves around 4,500 accounting firms and more than 350,000 small and medium-sized enterprises. The startup was previously valued at 1 billion euros in a 2024 investment round.