French fintech startup Pennylane has snagged $18.4 million in funding to grow its array of bookeeping and financial management tools.
The Pennylane platform enables small business owners to view all of their real-time financial data in a single place.
Arthur Waller, co-founder and CEO of Pennylane, says: "Entirely developed in-house, this solution is connected to many third-party tools and offers excellent user experience by integrating extremely advanced features to make it a real day-to-day decision-making tool.”
Founded just last year, the startup has generated a $2.4 million in revenue, hired about 30 accountants and 15 developers, and now supports 500+ SME customers on a daily basis.
The new round of funding flows from existing investors Global Founders Capital and Partech and follows a $4.3 million seed round back in May 2020.