New fundraiser in 2021 for Penelan. Less than six months after raising 15 million euros, French FinTech, which is developing a platform to connect business leaders and accountants, has completed a new round of funding for a similar amount. As part of this deal, the startup welcomes the prestigious American fund Sequoia Capital (Google, PayPal, Stripe, etc.) to its capital. This is the California fund’s first investment in France.
Founded in January 2020 by Alexandre Rocobeau, Arthur Waller, Edouard Maskre, Felix Plosier, Quentin de Metz, Quentin de Metz, Tancred Besnard, Tancred Besnard and Thierry Dieu, French FinTech focuses on all of the company’s financial statements (banking, purchasing, and sales, cash register, collection services, etc.) to allow managers to have a complete view of the health of finances. This data is also available to the company’s accountant to support managers in managing cash. A particularly critical area in the current context is that the coronavirus crisis has put corporate finances on the line.
Listen to our exchange with Arthur Waller, co-founder and CEO of Pennylane:
“Output the best financial operating system for start-ups and SMEs at European level”
To date, Pennylane reports that its solution is used by more than 1,000 companies, start-ups, and SMEs in mind, and 100 accounting firms. Among its clients, FinTech notably includes Luko, Yuka, and Kymono. Initially it was a simple online accounting platform, the company is gradually expanding its field of work to become a real operating system from a financial point of view available to companies that do not have the means of large groups. Through its approach, Pennylane intends to position itself as an alternative to the New Zealand company Xero and the American group Intuit, which provide management and accounting solutions to small businesses.
The €15 million raised from Sequoia Capital will enable the French FinTech to become a standard European player in the financial management of start-ups and SMEs. In this context, it plans to expand its platform with new functions, before developing an entire ecosystem of financial services, such as the “App Store”. “This elevator confirms our vision and ambition: to bring out the best financial operating system for start-ups and SMEs at the European level. Pennylane is a centralized and open platform, which can connect to all management tools and allow the chartered accountant to use the same tool as their client, to communicate with them and by providing access to the updated data of the company on each. It is this innovative and strategic business model that we would like to present today to all French companies, and ultimately European ones.‘,” explains Arthur Waller, co-founder and CEO of Pennylane. Perhaps this European expansion will be the subject of a future round table.
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Pennylane: basic data
Founders: Alexandre Rocoblu, Arthur Waller, Edouard Maskre, Felix Plossier, Quentin de Metz, Quentin de Metz, Tancred Besnard, Tancred Besnard and Thierry Dew
Establishing : 2020
the general Office : Paris
section: financial technology
Activity: A dedicated financial management and accounting platform for startups / SMEs and accountants
Financing: 15 million euros in June 2021 and 15 million euros in January 2021…