France-based Pennylane, a full-stack financial management platform, has collected €50m in its Series B, as it looks to bolster its development efforts.
The investment was supported by partech, Global Founders Capital and Sequoia.
Proceeds from the round will help Pennylane further the development of new features, build new integrations and improve the user experience.
Additionally, the company will hire 200 development, data and product specialists.
The FinTech company, which was launched in 2020, provides businesses with an all-in-one financial platform. Its technology helps automate the collection and management of supplied invoices, automate reminders and manage cash flow in real-time.
Pennylane previously raised $18m (€15m) in funding back in July 2021. The capital was supplied by Sequoia Capital, Global Founders Capital and Partech.
There have been a number of France-based FinTech companies to raise funds this year. Earlier this week, Pretto raised €30m for its Series B funding round, which was backed by Serena, Eurazeo and Orange. The company offers an online real estate comparison platform to help consumers simplify the mortgage process.
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