France-based Pennylane said to raise $18.4m in funding

France-based FinTech Pennylane has reportedly netted $18.4m in funding to support the development of its bookkeeping tools.

The round was supported by existing Pennylane investors Global Founders Capital and Partech, according to a report from TechCrunch.

Pennylane provides businesses with a platform to manage cash flow in real-time with tools to track, categorise, visualise and manage funds. Clients can also manage purchases, simplify sales, and more.

After a year since its launch, the company has generated €2m in revenue and attracted 550 customers, according to the report.

Pennylane previously netted $4.3m in its seed round, which was backed by Global Founders Capital, Partech and Kima Ventures.

Late last year, fellow French FinTech company Lydia extended its Series B to reach $131m. The company enables users to receive, send and manage their money through a single app. Features include contactless payments, sending money to friends, instant loans, shared accounts, debit cards and more.

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