French fintech unicorn Pennylane has raised €175 million in a Series E funding round, lifting its valuation to €3.6 billion ($4.25bn), according to sources familiar with the deal.
The round was led by TCV, with participation from Blackstone Growth and existing backers including Sequoia Capital, DST Global, Capital G, and Meritech Capital. Pennylane said its cofounders retain full control of the company following the raise.
Founded to streamline collaboration between businesses and accountants, Pennylane’s platform centralises invoices, tax filings, and financial statements. The company says it now serves around 6,000 accounting firms and 800,000 businesses, primarily in France, with recent expansion into Germany.
The funding comes less than a year after a €75m Series D and brings Pennylane’s total capital raised to nearly €360 million. The company has said it is close to profitability and is targeting €100 million in annual recurring revenue in 2025.
Founder Arthur Waller said the fresh capital will be used mainly to accelerate research and development, including the use of generative AI to build analytical tools for users, as well as to support further expansion across Europe.
Read Next
Sign up to get the inside scoop on today’s biggest stories in markets, finance, and business.
By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy. You can opt-out at any time by visiting our Preferences page or by clicking "unsubscribe" at the bottom of the email.
