France-based Fintech firm Pennylane, which was launched in January 2020, has acquired €15 million in capital as the European financial technology sector continues to attract more consumers and businesses.
French accounting company Pennylane finalized its €15 million Series A round in less than a year after it was introduced (right before awareness about COVID-19 became more widespread in February 2020).
Pennylane, which provides a comprehensive accounting platform, received investments from existing investors Global Founders Capital and Partech.
Arthur Waller, Co-founder and CEO of Pennylane, stated:
“This new round of financing will enable Pennylane to fully pursue its mission of supporting the company’s management team in this context of crisis and forced digital transformation.”
Waller added that the company is also taking a new step in their development by strengthening or enhancing their offer with a “full-stack” financial management platform, which integrates all data for a “clear view” of the business and supports real-time management. For Pennylane, “digital alone can do nothing, it must serve and empower managers and accountants,” Waller noted.
Pennylane was launched right before France’s government introduced lockdown measures. Since that time, the accounting Fintech firm has managed to generate revenues of around €2 million. Pennylane has also recruited 30 accountants, 15 application developers and currently supports more than 500 clients.
David Sainteff, Partner at Global Founders Capital, stated:
“In just one year, Pennylane has proven its ability to meet a growing need of companies: accessing all its financial data in one place being a strategic asset in the midst of the economic crisis. We support the idea that Pennylane will become the financial Operating System for European SMEs within the next five years. We are delighted to participate in this new round of financing, which will enable the company to roll out its offer.”
Pennylane had acquired €4 million in capital through its seed round back in May 2020. The round included contributions from Global Founders Capital, Partech and Kima Ventures (which has invested in Curve, Railsbank, and TransferWise).