French fintech unicorn Pennylane has raised €75 million in fresh funding to expand its all-in-one financial management platform and solidify its position as a leader in electronic invoicing across Europe.
The round was led by Meritech and Capital G, with continued backing from existing investors Sequoia Capital and DST Global.
This latest round brings Pennylane’s total funding to €229 million, building on its €40M raise in early 2024 that cemented its unicorn status.
Tackling Financial Complexity for SMBs and Accountants
Founded in 2019 in Paris by Arthur Waller and a team of ex-PriceMatch founders, Pennylane is addressing the fragmented and outdated tools used by small businesses and accounting firms. Its platform automates accounting tasks, centralizes real-time financial data, and streamlines collaboration between businesses and their accountants.
“Though we weren’t actively raising, this investment accelerates development in invoice automation and helps us deliver a fully integrated solution ahead of the 2026 e-invoicing reforms,” said Arthur Waller, CEO and co-founder.
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Platform Growth and European Ambitions
The company has tripled its SME user base in just one year and now supports over 4,500 accounting firms and 350,000 daily active clients. The company’s unified platform covers:
- Financial management
- Business accounts
- Accounting production
- Electronic invoicing via a certified Partner Dematerialisation Platform (PDP)
Its platform integrates seamlessly with other business tools and supports France’s Factur-X e-invoice standard. With mandatory e-invoicing reforms looming across the EU, Pennylane aims to become the go-to solution for compliance and digital transformation.
Scaling the Team and Tech
The fresh funding will also power Pennylane’s headcount expansion from 550 to 800 employees by the end of 2025 — with half focused on R&D. The company plans to integrate generative AI into its platform and build tools that help accountants shift from data entry to strategic advisory services.
“We’re creating a platform that makes financial data instantly actionable, helping both businesses and accountants thrive in a more digitized economy,” Waller added.
Backers See a Huge Market Opportunity
“Pennylane’s execution speed and customer focus are exceptional,” said Luciana Lixandru, Partner at Sequoia. “With EU-wide e-invoicing reforms just beginning, Pennylane is ideally positioned to lead this transformation.”
As Europe embraces digital invoicing and real-time financial compliance, Pennylane is betting on becoming the standard financial operating system for SMBs and their advisors across the continent.
