Pennylane raises USD 57 mln to expand business

The startup wants to replace legacy accounting solutions in France and in Europe. 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.

Because it’s an online platform, accounting firms can use Pennylane collaboratively. Clients can also access the platform to centralize 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. Since 2020, Pennylane has raised USD 96 million.

The company has started beta-testing corporate cards with Swan to facilitate payments. You could imagine a sort of revenue-sharing deal with accounting firms for the interchange fees generated by those corporate cards. With the new fundraising, the company thinks it can iterate on its product as there are still a lot of things to do just for the French market.