The fintech completes its Series A round with its historical investors Global Founders Capital and Partech. The Paris-based startup had already raised €4 million in seed funding from Global Founders Capital, Partech and Kima Ventures in May 2020.
Parisian fintech start-up Pennylane has raised 15 million euros in Series A funding from its historical investors Global Founders Capital and Partech. The company had already raised 4 million euros in seed funding from Global Founders Capital, Partech and Kima Ventures in May 2020. Pennylane was founded in 2018 and offers a SaaS platform that is fully dedicated to accounting, with real-time management that allows entrepreneurs to have a comprehensive and reliable view of their finances.
The platform has a subscription model starting from 39 euros per month excluding tax. Pennylane boasts a turnover of 2 million euros and more than 500 clients, including startups, small and medium-sized enterprises (SMEs) and very small enterprises (VSEs). The company intends to become a European leader in financial operating systems within the next five years.
Global Founders Capital is a venture capital fund that invests in seed and early-stage start-ups globally. Partech is an investment firm that focuses on backing tech and digital start-ups with a global reach. Kima Ventures is a French venture capital firm that invests in early-stage technology start-ups.
Pennylane's accounting platform is part of a growing trend in fintech that is transforming traditional financial services. This trend can be seen in the rise of digital banks, online payment systems and other innovative financial technology solutions. These offerings have the potential to make financial services more accessible and affordable for small businesses and individuals, which is a vital factor in promoting entrepreneurship and economic growth.