Pennylane raises $18.3 in a funding round led by Sequoia Capital

freepik
Powered by SaaS Industry
At a Glance

Pennylane has raised $18.3 million in a funding round led by Sequoia Capital. The firm is developing an accounting platform that will benefit both clients and accountants. You may link your Pennylane account to third-party services like Stripe, Payfit, Qonto, Zoho, Sellsy, and others.


Pennylane, a full-stack financial management platform, has raised $18.3 million in a funding round led by Sequoia Capital. 

The company has been working on an accounting platform that would benefit both clients and their accountants. The organization, which focuses on small and medium businesses, has already attracted hundreds of clients.

Pennylane allows you to link your account to third-party services like Stripe, Payfit, Qonto, Zoho, Sellsy, and others that already have vital information. The data is then synced regularly, allowing you to check outstanding invoices, pay your suppliers, and monitor where you are with inward and outgoing payments.

Pennylane partners with over a hundred accounting companies that can help you with your accounting needs. You can ask Pennylane to put you in touch with an accountant who will use your Pennylane data to finish your task.

You may also inform your accountant or in-house accounting staff to register an account on Pennylane and retrieve accounting data from the platform if you already have one. Pennylane serves as a central repository for all of your financial information, ensuring that it is constantly updated.

Pennylane is becoming the key financial management platform for SMEs in Europe. We are thrilled to partner with their exceptional team to ensure businesses of any size can have a single, up-to-date source for their financial data and improve how they collaborate with their accountants.

Luciana Lixandru, a partner at Sequoia Capital

The firm seeks to create a “financial operating system” for small and medium businesses across Europe. Like a marketplace of services that customers may utilize in addition to Pennylane’s primary offering.     

Pennylane received an $18.4 million Series A investment in January. Global Founders Capital and Partech led the round.

Total
1
Shares
Related Posts

Subscribe to SaaS Daily

Be surprised.  Be challenged. Be a subscriber.
SaaS Brew is SaaS Industry’s home brewed ☕️ newsletter 🗞