Pennylane, a France-based FinTech offering a all-in-one financial tool, has successfully raised €40m from Sequoia Capital and DST Global.
This funding reflects the company’s success in expanding its reach, having increased its small and medium-sized enterprise (SME) client base on its platform by 40-fold in just 24 months, thanks to collaboration with over 2,000 accounting firms.
At its core, Pennylane offers a unique business model within the FinTech sector. The company provides accounting firms with an accounting production tool for a fee, whilst also generating additional income when these firms outfit their clients with Pennylane’s comprehensive management tool, which includes a professional account.
The newly acquired funds are earmarked for a series of ambitious projects. Pennylane plans to fast-track the development of its various modules, make substantial investments in artificial intelligence to support accountants, and pursue an external growth strategy by partnering with companies that offer complementary expertise.
Since its inception in 2020, Pennylane has played a pivotal role in transforming the accounting industry. It champions the enhancement of accountants’ roles over the wholesale automation of accounting processes. Pennylane has won over financial professionals by offering significant time savings, improved financial visibility for client companies, and enabling accountants to act as trusted advisors.
The company is now set to introduce further innovations, including a chatbot tailored for accounting and an opportunity center to identify client-specific advisory needs. These advancements aim to enable more focused accounting actions and assist personnel in transitioning from data entry to more advisory and reporting roles through the use of AI.
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