Accounting software platform Pennylane raises $205m

Pennylane, a French accounting bundle platform, has raised €175m ($205m) successful a caller backing round.

The circular was led by maturation capitalist TCV, which is investing successful Pennylane for the archetypal time. Blackstone Growth has besides joined arsenic a caller backer.

Existing investors Sequoia, DST Global, Meritech and Alphabet’s CapitalG besides participated successful the latest superior raise.

The latest backing valued the concern astatine astir $4.25bn, according to a Bloomberg report.

Founded successful 2020, Pennylane provides businesses with a suite of bookkeeping tools done a azygous online dashboard.

The accounting level is designed for start-ups, tiny and mid-sized companies, and their accountants crossed Europe. It positions itself arsenic an “all-in-one” level that centralises accounting and fiscal operations successful a shared workspace for companies and their advisers.

Pennylane co-founder and CEO Arthur Waller said: “We had nary contiguous request for funding, but the accidental to spouse with investors similar TCV and Blackstone with debased dilution was a strategical advantage.

“This gives america the resources to enactment afloat autarkic portion accelerating our pb successful AI and expanding crossed Europe. Our ngo remains unchanged: being the notation instrumentality for accountants and their clients.”

Pennylane plans to transmission the caller superior into probe and improvement (R&D), including refining its merchandise for the German market, wherever it has precocious launched.

The institution besides intends to upgrade its payments and currency absorption features.

In April past year, Pennylane raised €75m successful a backing round. The concern was co-led by Sequoia Capital, Capital G and Meritech.

"Accounting bundle level Pennylane raises $205m" was primitively created and published by International Accounting Bulletin, a GlobalData owned brand.

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