Pennylane raises $18.3 million for its accounting services

French startup Pennylane has lifted a new $18.3 million funding round (€15 million). Curiously, this is Sequoia Capital’s initial investment decision in France immediately after they introduced ambitious expansion ideas in Europe.

If you are not familiar with Pennylane, the startup has been creating an accounting platform that improves accounting for both customers and their accountants. Concentrated on tiny and medium businesses, the enterprise has by now attracted hundreds of clientele as it claims 1,000 executives are presently employing Pennylane.

If you’re running a small company, prospects are you’re applying Microsoft Excel or a different economic device for your financial projections. You’re also sending all your invoices, payroll details and more to your accountant. Basically, you’re executing the identical factor two times.

Pennylane lets you link your account with third-bash expert services that presently maintain important info, these types of as Stripe, Payfit, Qonto, Zoho, Sellsy, etc. Knowledge is then synchronized frequently so that you can test exceptional invoices, pay your suppliers and see wherever you’re standing when it will come to inbound and outbound payments.

On the other side of the equation, Pennylane is effective with 100 accounting corporations that could take care of accounting tasks for you. You can ask Pennylane to join you with an accountant and they’ll leverage your Pennylane details to entire their perform.

If you previously have an accountant or you have your individual in-residence accounting group, you can also convey to them to create an account on Pennylane and retrieve accounting data from the system. Pennylane functions as the central repository the place your economical details is generally up to date.

“Pennylane is getting to be the vital economic management platform for SME’s in Europe,” Sequoia partner Luciana Lixandru claimed in a assertion. “We are thrilled to spouse with their excellent workforce to make sure enterprises of any dimension can have a single, up-to-date supply for their economic information and strengthen how they collaborate with their accountants.”

Up following, the startup wishes to create a ‘financial functioning system’ for European smaller and medium enterprises. You can visualize a marketplace of companies that purchasers can select to use in addition to Pennylane’s main merchandise.

Pennylane has been on a roll as the corporation lifted an $18.4 million Series A round just a few months in the past. Worldwide Founders Funds and Partech led the Collection A again in January.