French FinTech Pennylane secures €15 mn in new financing round

By Megha Bhattacharya

French FinTech Pennylane announced that it has completed a new round of financing and has raised €15 million with investors including Global Founders Capital and Partech. The company has expanded its offering with a SaaS for enabling all company managers to maintain full control of their finances.

“This new round of financing will enable Pennylane to fully pursue its mission of supporting the company’s management team in this context of crisis and forced digital transformation”, said Arthur Waller, co-founder and CEO of Pennylane.

“We are also taking a new step in our development by strengthening our offer with the first full-stack financial management platform, which automatically integrates all data for a clear view of the business and real-time management. Entirely developed in-house, this solution is connected to many third-party tools and offers excellent user experience by integrating extremely advanced features to make it a real day-to-day decision-making tool. For Pennylane, digital alone can do nothing, it must serve and empower managers and accountants.”

Launched in 2019, Pennylane uses accounting data to help entrepreneurs manage their day-to-day business. Pennylane raised a €4 million seed round with Global Founders Capital, Partech, and Kima Ventures in May 2020. The company has developed an accountancy service, Pennylane Compta that reconciles accounting and management.

David Sainteff, Partner at Global Founders Capital, said, “We were convinced from the very beginning by the relevance of Pennylane’s positioning and the innovative vision of its co-founders. In just one year, Pennylane has proven its ability to meet a growing need of companies: accessing all its financial data in one place being a strategic asset in the midst of the economic crisis. We support the idea that Pennylane will become the financial Operating System for European SMEs within the next five years. We are delighted to participate in this new round of financing, which will enable the company to roll out its offer”.