French firm Pennylane, which provides a platform that centralizes accounting and financial management for SMEs and their accountants, has secured €175 million in a Series E round led by TCV and Blackstone Growth, with support from Sequoia Capital, DST Global, CapitalG, and Meritech Capital.
- Founded in 2020, Pennylane serves SMEs and their accountants across Europe, offering a single source of truth for financial data. The platform enables business owners to manage invoicing, payments, supplier transactions, expenses, cash flow, and profitability, while accountants can handle bookkeeping, tax filings, and reporting. Real-time updates allow collaboration in a shared workspace, and AI features assist with financial decision-making.
- The platform integrates with business tools to automate invoicing, expense approvals, payments, and document management. Users can set permissions, access reports, and monitor transactions through a unified dashboard.
Details of the deal
- Pennylane will use the €175 million to expand its presence in Europe, enhance R&D with a focus on AI tools for accountants, and upgrade its payments, cash management, and electronic invoicing systems, all while keeping the company’s governance and product strategy under founder control.
“We had no immediate need for funding, but the opportunity to partner with investors like TCV and Blackstone with low dilution was a strategic advantage. This gives us the resources to stay fully independent while accelerating our lead in AI and expanding across Europe. Our mission remains unchanged: being the reference tool for accountants and their clients," claims Arthur Waller, co-founder and CEO of Pennylane.
