He added that new electronic invoicing regulations coming into force across Europe are pushing more and more firms to consider new digital products to serve their accounting needs.
"Every business in France within a year from now will have to chose a product operator to issue and receive invoices," Waller said, calling e-invoicing a "huge market."
Luciana Lixandru, a partner at Sequoia who sits on the board of Pennylane, said the reforms represent a "massive market opportunity" as the accounting industry is still catching up in terms of digitization.