European expansion
For now, Pennylane only operates in France. However, after the new fundraise, the startup now plans to expand its services across Europe — starting with Germany in the summer.
"It's going to be a lot of work. It took us approximately five years to have a product mature in France," Waller said, adding that he hopes to reach product maturity in Germany in a shorter time period of two years.
Pennylane plans to end the year on about 100 million euros of annual recurring revenue — a measure of annual revenue generated from subscriptions that renew each year.