French startup Pennylane has raised a new $18.3 million funding round (€15 million). Interestingly, this is Sequoia Capital’s first investment in France after they announced ambitious expansion plans in Europe.
If you’re not familiar with Pennylane, the startup has been developing an accounting platform that improves accounting for both clients and their accountants. Focused on small and medium companies, the company has already attracted hundreds of clients as it says 1,000 executives are currently using Pennylane.
If you’re running a small company, chances are you’re using Microsoft Excel or another financial tool for your financial projections. You’re also sending all your invoices, payroll info and more to your accountant. Essentially, you’re doing the same thing twice.
Pennylane lets you connect your account with third-party services that already hold valuable information, such as Stripe, Payfit, Qonto, Zoho, Sellsy, etc. Data is then synchronized regularly so that you can check outstanding invoices, pay your suppliers and see where you’re standing when it comes to inbound and outbound payments.
On the other side of the equation, Pennylane works with 100 accounting firms that could handle accounting tasks for you. You can ask Pennylane to connect you with an accountant and they’ll leverage your Pennylane data …read more
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