Less than a year after its launch, Pennylane raises $18 million (€15million) in Series A and launches its SaaS offering to help businessleaders regain full control of their finances

Paris, January 7th, 2021 - The French fintech that created an online full-stack accounting service was founded less than a year ago and has already completed a new round of financing with its historical investors, Global Founders Capital and Partech. In light of the success of its online bookkeeping solution, Pennylane has expanded its offer with a SaaS to enable all company managers to regain full control of their finances. The success of the startup that enables business managers to regain full control of their finances.

Launched in January 2020 on the eve of the French lockdown by the founders of PriceMatch —acquired by Booking.com in 2015—Pennylane uses accounting data to help entrepreneurs manage their day-to-day business. Pennylane raised a $4.3 million (€4 million) seed round with Global Founders Capital, Partech, and Kima Ventures in May 2020, and has been experiencing a quick growth since. In less than a year, the startup has generated a revenue of more than $2,4 million (€2 million), hired about 30 accountants and 15 developers, and now supports 500+ customers on a daily basis (mostly start-ups, SMEs, e-commerces, and restaurant owners).

Pennylane enables business leaders to access their complete, reliable, and up-to-date financial data at any time in order to make the right decisions.

All businesses feel the same way: there are too many tools that are poorly synchronized with each other, the collaboration with accountants is archaic, and visibility on activity and cash flows is cruelly lacking. Pennylane thus developed an innovative accountancy service, Pennylane Compta, which reconciles accounting and management, in particular thanks to the use of a platform shared between the accountant and the business manager.

This very special year highlighted the key role played by outsourced accountants as trusted third parties to support managers. Business leaders are close to their accountant but can sometimes get frustrated by the tools they use, which limit collaboration and real-time visibility into their company's financial data. This is why Pennylane decided to go even further and launches today a new solution that centralizes all purchasing, sales, and banking transaction data to make it a real management and decision-making tool for company managers. Managers will of course have the opportunity to give access to their accountants so they may keep the books. This is how the Pennylane solution was born, positioning the company as the first player to offer a full-stack financial management service that makes decision-making easy.

“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, says 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.”

David Sainteff, Partner at Global Founders Capital, says: "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”. 

Enabling access to all company's financial data in the same place. 

Pennylane is a special platform: it centralizes all the data sources that are today fragmented—banking, purchasing, sales, cashier services—to enable managers to finally have a global vision of their finances.

Accessible as a SaaS and starting at $47 (€39) /month, Pennylane offers many advantages:

● Connected: All of the company's financial data (banking, accounting, supplier invoices, customer invoices, expense reports) are synchronized on a single platform.

● In real time: Every data is updated in real time on the platform so business owners can make informed decisions anytime.

● Smart: Pennylane makes data actionable to help leaders make the right decisions for their business.

● Automated: Pennylane saves time by replacing manual actions.

About Pennylane

Pennylane is a French fintech created in 2020. It has developed the first full-stack financial management platform that synchronizes all of a company's financial data, enabling leaders to regain full control of their finances. Centralizing all the data that was fragmented in the past—banking, purchasing, sales, cashier services—Pennylane allows business managers to finally have a global view of their finances and make the right decisions. Pennylane is already used by 500+ French corporate customers and has 75+ employees.

More information:Pennylane.tech, Twitter, LinkedIn.

Press Contact 

Jihane Teretal, press@pennylane.tech, 06 08 27 68 85