French fintech Pennylane bags £13.2M for its accounting service

Pennylane Image credits: Pennylane

Founded in 2020 on the eve of the French lockdown, Pennylane is a French startup that has developed the first full-stack financial management platform to deal with financial data.

Centralising all the data, that was fragmented in the past, this platform enables business managers to get a real-time view of their financial data and make the right decisions.

Raised £13.2 million

Based in Paris, the startup raised $18 million (approx £13.2 million) in a Series A round from its existing investors Global Founders Capital and Partech. This funding round follows the $4.3 million (approx £3.1 million) seed round back in May 2020. It’s worth mentioning that Pennylane’s founders previously worked on PriceMatch, a startup that was acquired by Booking.com in 2015.

Founded by Alexandre Roquoplo, Arthur Waller, Edouard Mascré, Félix Blossier, Quentin de Metz, Tancrède Besnard, and Thierry Déo, Pennylane enables business leaders to access their complete, and up-to-date financial data at any time in order to make the right decisions.

Generated £1.7M in revenue

In less than a year, the startup has generated a revenue of more than $2.4 million (approx £1.7 million), hired about 30 accountants and 15 developers, and now supports 500+ customers on a daily basis (mostly start-ups, SMEs, e-commerce, and restaurant owners).

In general, business leaders are close to their accountants but can sometimes get frustrated by the tools they use, which limit collaboration and real-time visibility into their company’s financial data.

And that’s where Pennylane comes into play with its solution that centralises all purchasing, sales, and banking transaction data to make it real management and decision-making tool for company managers. Notably, the managers will have the opportunity to give access to their accountants so they may keep the books.

“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, says Arthur Waller, co-founder and CEO of Pennylane. We are also taking a new step in our development by strengthening our offer with the first full-stack financial management platform, which automatically integrates all data for a clear view of the business and real-time management. Entirely developed in-house, this solution is connected to many third-party tools and offers excellent user experience by integrating extremely advanced features to make it a real day-to-day decision-making tool. For Pennylane, digital alone can do nothing, it must serve and empower managers and accountants.”

David Sainteff, Partner at Global Founders Capital, says: “We were convinced from the very beginning by the relevance of Pennylane’s positioning and the innovative vision of its co-founders. 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”.