Alphabet-Backed Pennylane Raises $82 Million to Expand Accounting Platform Across Europe
Pennylane has raised 75 million euros (about $82 million) to continue growing its accounting platform in France and to expand it across Continental Europe.
The company will use the new funding to accelerate expansion that has already seen it triple its user base over the past 12 months, Pennylane said in a Monday (April 7) message posted on and translated by LinkedIn.
Pennylane’s solution is now used by 4,500 accounting firms and 350,000 companies and is offered by 60 reseller integrators that help the company reach small and medium-sized businesses (SMBs), according to the post.
“Our priority has always been to simplify your daily life and to enhance your expertise,” the company said in the post, per the translation. “This new stage in our development demonstrates our deep commitment to accountants and businesses.”
Pennylane’s latest funding round was co-led by Meritech Capital, CapitalG and Sequoia Capital, according to a Monday post on LinkedIn by Capital G, which is Alphabet’s independent growth fund.
CapitalG said in the post that Pennylane, which was founded in 2020, aims to “transform financial management for small businesses and accountants across Continental Europe.”
“Pennylane’s platform streamlines financial flows, automates tasks and empowers businesses with real-time, actionable data,” CapitalG said in its post.
The company’s accounting platform can handle expense management, banking, cash management and eInvoicing, CapitalG said in a Monday blog post.
The software brings automation to accountants, real-time insights to small business owners, and the ability to handle the complexities of accounting for the 22 million small business owners in Continental Europe, according to the post.
“We spent a year developing our perspective on how back-office technology in Europe will evolve, and how upcoming eInvoicing could change the current landscape,” the post said. “When we met the Pennylane team, we knew they were the ones who could make the difference for these accountants and small businesses.”
The move toward eInvoicing is making the entire B2B invoicing process more streamlined and better integrated into digital business ecosystems, PYMNTS reported in April 2024.
The workflow transformation promises to reduce errors, lower costs and speed up B2B payment processes.
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