French startup Penilen has raised $ 18.4 million (€ 15 million) for its accounting service that combines automated processes with human accountants. Existing investors GlobalFounders Capital and Parttech are investing once again.
penny Lane Both are a software-as-a-service company that helps you deal with your financial data and accounting firm. By working directly with an accountant, this means that you can talk with your accountant through the company’s platform. It becomes a single source of information for financial data.
The startup wants to improve the experience for both its customers and its accountants. Typically, accounting firms receive data every month or every quarter. They waste a ton of time opening files and entering information in accounting software.
Similarly, accounting reports are a black box for CEOs and CFOs. They cannot leverage that data for financial projections and visibility. Want to change Penilane so that you don’t have to use Excel to predict your company’s P&L.
When you first start working with Penilane, you connect your account to third-party services that already hold valuable information, such as Stripe, Payfit, Kunto, Joho, Sellsey, and more. In this way, the information is always up to date, and not just when you manually export data from all your services.
One year after launch, Penilen has generated € 2 million in revenue ($ 2.5 million) and attracted 550 customers. Currently 30 accountants are working for the company.
Further, the startup wants to attract more companies, and especially companies that have an in-house accounting team or already work with an accounting firm. You will be able to use Penilen’s software-as-a-service with your own accountant.
Penilen previously raised $ 4.3 million (€ 4 million) of seed with Global Founders Capital, Partec and Keema Ventures.