French startup Penylene has raised a new funding round (€15 million) of $18.3 million. Interestingly, this is Sequoia Capital’s first investment in France after announcing ambitious expansion plans in Europe.
In case you’re not familiar with Pennilane, the startup is developing an accounting platform that improves accounting for both clients and their accountants. Focusing on small and medium companies, the company has already attracted hundreds of customers as it says 1,000 executives are currently using Pennilane.
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 your accountant all your invoices, payroll information, and more. Essentially, you are doing the same thing twice.
PayniLens lets you link your account to third party services that already contain valuable information, such as Stripe, Payfit, Qunto, Zoho, Selsie, etc. The data is synchronized regularly so you can check outstanding invoices, make payments to your suppliers and see where you stand when it comes to inbound and outbound payments.
On the other side of the equation, Pennilane works with over 100 accounting firms that can handle the accounting tasks for you. You can ask Penylane to connect you with an accountant and they will take advantage of your Penilane data to get their job done.
If you already have an accountant or have your own in-house accounting team, you can also ask them to create an account on Paynilane and get the accounting data from the platform. Pennilane acts as the central repository where your financial data is always up to date.
“Pennilane is becoming the leading financial management platform for SMEs in Europe,” said Sequoia partner Luciana Lixandru in a statement. “We are thrilled to partner with their exceptional team to ensure that businesses of any size have a single, up-to-date source for their financial data and ways to collaborate with their accountants. be able to improve.”
Further, the startup wants to create a ‘financial operating system’ for European small and medium enterprises. You can imagine a market of services that customers may choose to use in addition to Pennilane’s core product.
PenniLane has been on a roll since the company just raised an $18.4 million Series A round a few months ago. Global Founders Capital and PartTech led the Series A in January.