SaaS and $18 Million Series A for Pennylane!
Pennylane, a leading French Fintech that has created an online full-stack accounting service, has announced a new series A raise of $18 Million from loyal investors Partech and Global Founders Capital. Since its inception in January 2020, Pennylane has grown at an unprecedented rate. During this period they managed to raise a successful seed round, generate an annual revenue of over $2.4 Million, hire over 45 team members and support over 500 customers.
This fresh funding will allow Pennylane to scale up their service, most notably through their brand new SaaS offering, to help business leaders regain full control of their finances. This will reinforce their position as an up and coming industry leader and one of France's most impressive new Fintechs. Their SaaS offering will be available for less than $50 a month allowing companies to have all their finances centralized under one platform, access real time financial data, automated actions to replace manual actions. All these benefits makes accounting more efficient and effective for businesses in difficult times and CEOs can really focus on their core business.
Pennylane Co-Founder, Arthur Waller, is thrilled with this new investment and rightly so! - here is what he has to say:
“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. 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.”
Alison Imbert, Principal at Partech, expressed her admiration for what Pennylane have achieved:
"Pennylane founders are on a mission to build a new financial operating system for SMBs, they are truly passionnate by the product and highly focused on clients satisfaction. We have been impressed by their ability to iterate fast and launch their Saas offer less than a year after their official launch. We believe that their product can be game changer for their industry"
We are so happy to have been behind Pennylane from the start of their journey and we cannot wait to see them have another mega year in 2021.
Read the full Press Release here.