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Just like clockwork , Pennylaneis bring up another € 40 million ( $ 43 million at today ’s commutation rate ) . This new funding round comes after the account startup raised € 4 millionin 2020 , € 15 millionin 2021 , another € 15 millionin 2021 again , € 50 millionin 2022and € 30 millionin 2023 .
You might mean that it ’s quite a lot of money for a company work out on . . . accountancy software ? That ’s because the inauguration is grow nicely with more than 2,000 accounting firms now using Pennylane as their master software tool .
Some company with in - menage accountants also use Pennylane directly , but the vast majority of the company ’s clients amount from these accounting system firms . Overall , it means that 120,000 small and average companies rely on Pennylane for their account demand in France .
Over the last two years , Pennylane ’s user base of SMEs has increased by 40x . You do n’t see that kind of growth rate that often — even for a startup .
“ We have a glass ceiling , which is ERP software . We ’re not go to replace SAP . However , under SAP , we are a very right choice as an accounting and finance tool for SMEs . Today , we lick with company with a bit more than a thousand employees , ” Pennylane conscientious objector - father and CEO Arthur Waller told me .
With today ’s funding around , existing investor Sequoia Capital and DST Global are increasing their stakes in the inauguration . And Pennylane has now reached unicorn status , entail that it has touch a evaluation of $ 1 billion or more .
In Pennylane ’s case , this is a valuation of “ just over a billion euros , ” Waller say . “ It roughly doubles the rating of the last fundraising , ” he contribute .
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In addition to Pennylane ’s singular statistical distribution strategy , the company has been adding new feature film at a rapid pace . As a modernistic SaaS product , it connects at once with third - party services that hold worthful information . For instance , you may get banking program line in the Pennylane interface , import receipts from Dropbox and get billing info from Stripe .
Combined with in - home OCR technology , Pennylane can save time when it comes to entering data into the accounting political program . Pennylane has also added fintech products with professional banking and payment cards desegregate directly in the platform .
You do n’t need to use Pennylane as your bank account , but you’re able to — 20 % of Pennylane ’s customers have a bank account with the company . And because other fintech company likeQontoare ramp up their financial and accounting system management feature , it ’s important to provide an all - in - one account and finance mathematical product .
Arguably , Pennylane wants to become Qonto before Qonto becomes Pennylane . Of course , Pennylane and Qonto both have integrations with the other military service so that user can sign up to both services and seamlessly use both . “ But when you run a eating house , you choose to have everything in one place . You prefer to have one software program subscription , ” Waller aver .
And because both business possessor and accountancy firms have admittance to the same platform , everything stays in sync . Pennylane also handles charge , purchase order , paying suppliers , accounts payable , etc .
in the end , Pennylane is also dally around with hokey intelligence in two different ways : finding relevant information in accounting datum and helping accountant when it comes to pursue accounting principle for the most complex sharpness case — a sort of accounting copilot .
While Pennylane does n’t have any money issue , it still hopes it can become profitable within the next 12 to 18 months . And if there ’s one matter that Pennylane must be good at , it ’s track the startup ’s fiscal billet .
