What is Pennylane and what does it offer?

Pennylane is a French startup offering accounting software with a range of bookkeeping tools for businesses in a single online dashboard.

How much funding did Pennylane raise and what is its valuation?

Pennylane raised $204 million, achieving a company valuation of approximately $4.25 billion.

What are Pennylane's future plans with the new funding?

Pennylane will invest in AI assistants for data analysis and adapt its product for the German market.

Home / Business and Economy / French FinTech Pennylane Raises $204M at $4.25B Valuation

French FinTech Pennylane Raises $204M at $4.25B Valuation

20 Jan

•

Summary

Pennylane secured $204 million in a new funding round.
The company's valuation reached approximately $4.25 billion.
New capital will fund AI assistants and German market expansion.

French FinTech Pennylane Raises $204M at $4.25B Valuation

French accounting software provider Pennylane announced a substantial $204 million funding round, led by growth equity investor TCV. The investment values the startup at approximately $4.25 billion. Blackstone Inc. also joined this round, alongside existing backers like Sequoia Capital and DST Global.

With this new capital, Pennylane plans to boost its research and development efforts. Key investments will be made in building AI assistants to aid accountants in data analysis. The company will also adapt its product for Germany, a market it recently entered.

Founded in 2020, Pennylane offers a unified online dashboard for business bookkeeping tools. The company's success makes it one of France's most valuable startups, alongside other prominent tech firms. This achievement highlights the growing strength of European startups amid increasing scrutiny of American technology dominance.

Disclaimer: This story has been auto-aggregated and auto-summarised by a computer program. This story has not been edited or created by the Feedzop team.