- French fintech Pennylane just raised $57m in a Series B funding round led by Sequoia.
- The startup enables companies to automate invoices and manage their cash flow.
- Pennylane’s fresh funds come less than a year after it raised an $18.3 million round in June.
Pennylane, a startup that wants to become the financial operating system for SMEs, has raised $57 million in a round backed by US investing giant Sequoia.
The Paris-based company, which was founded in January 2020, enables companies to automate invoices, manage their cash flow, and pull data from third parties like Stripe, Payfit, or Qonto into a single platform.
The startup sells its platform on a software-as-a-service basis and claims it can cut time spent on accounting by four. It also allows businesses to calculate specific VAT rates for each country it operates in.
Pennylane’s latest fundraise comes less than a year after the startup raised an $18.3 million round led by Sequoia in June.
“We’ve been seeing incredible growth since last September and we always told investors we would raise again when we could demonstrate real product-market fit,” Arthur Waller, Pennylane’s CEO told Insider.
“A lot of our growth is coming from accountants referring us and we want to take the opportunity to accelerate in what I think is a winner takes all market.”
Waller said the company had been growing more than 20% a month through the end of 2021 and expected to grow its business by 40% in January.
Pennylane plans to more than double its headcount to 500 employees from the end of the year as part of its ambition to create one of the largest accounting tech teams in Europe. The startup aims to add 200 engineers across 14 countries over the next 12 months.
Existing investors Partech and Global Founders Capital also joined the round which will also partly go towards expansion into the Spanish and German markets.
Check out Pennylane’s pitch deck below:
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