French accounting unicorn Pennylane raises €175 million in funding to enhance AI capabilities and support growth. TCV leads the round with participation from Blackstone and existing shareholders.
Pennylane has secured €175 million in a funding round to accelerate its product investment in AI and prepare for market consolidation. The round was led by TCV, with Blackstone's participation. Existing investors like Sequoia Capital also joined the round. The company is on track for profitability and aims to expand its presence across Europe.
Company Information
Company
Pennylane
Location
Paris, Ile-de-France, France
About
Pennylane is building the financial OS (Operating System) for European SMEs. A single source of truth for financial and accounting data, used on one side by entrepreneurs to run their business (invoicing and getting paid, paying suppliers and expense management, piloting cash and profitability) and on the other side by their accountant for bookkeeping and tax filings.
Saving time to all entrepreneurs and accountants, helping them to make the right decisions and enabling 3rd parties to offer added-value personalized financial services.
We’ve launched in France and will expand to other markets in Continental Europe in 2024. Our commercial website is thus in French only but the code is obviously documented in English and our tech team speaks English.
We’re product-led, growing fast, backed by strong investors and are hiring software engineers anywhere in Europe to join our experienced remote-first engineering team.
Fundz sees it the moment Pennylane raises, hires an exec or expands, usually minutes after it happens, and tells you who to reach.
ParisFinancial ServicesSoftwareFinanceSaasFintechAccounting