The money comes from existing investors, such as Sequoia Capital (leading the round), Global Founders Capital, and Partech. The startup wants to replace legacy accounting solutions in France — and in Europe.
Pennylane wants to overhaul traditional tools and modernise the tech stack of accounting firms. Pennylane connects directly with third-party services that hold valuable information. For instance, you can get banking statements in the Pennylane interface, import receipts from Dropbox, and get billing information from Stripe. And because it’s an online platform, accounting firms can use Pennylane collaboratively. Clients can also access the platform to centralise receipts, create invoices, and automate some tasks. Instead of sending information back and forth with spreadsheets and photo attachments, both clients and accounting firms can interact directly on the platform.
Right now, there are 300 accounting firms that are using Pennylane. Some of them have started using the product with a few clients, others have completely switched to the new tool. Interestingly, Pennylane clients want to use the platform more and more, which means that they bring new clients to the platform.
According to TechCrunch, the startup has been growing by 20% month over month since this summer (2021). Since 2020, Pennylane has raised USD 96 million.
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