French fintech startup Pennylane has secured €15 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.
Founded just last year, the startup has generated a $2.4 million in revenue, hired about 30 accountants and 15 developers, and now supports 1000+ SME customers on a daily basis.
The new funding, marking the first investment by Sequoia in France, comes on the heels of an $18.4 million round in January.
Luciana Lixandru, partner of Sequoia Capital comments: “We have met a lot of companies in the fintech sector in Europe. We are delighted to make Pennylane our first investment in France and to rely on this exceptional team so that all start-ups, VSEs and SMEs, can improve their collaboration with their accountant.”