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The French accounting program has doubled the assessment of 2 billion euros ($ 2.16 billion) during the new 75 million euros financing period.
PennyLane told CNBC that this also includes a leading fund, the capital of Sequoia Capital and the capital of the alphabet, Meritech and DST Global.
The “All” used by Pennylane, Accountants and other financial experts, selling in 2020, sells the accounting platform.
The platform is primarily aimed at small, medium-sized firms, offers tools for functions with spending, invoice, cash flows and financial forecast.
“We tore a product of a little like (Intuit) Quickbooks or Xero However, Pennylane’s CEO and co-founder Arthur Waller told CNBC.
PennyLane currently serves about 4,500 accounting companies and more than 350,000 small and medium-level enterprises. The startup was previously assessed to 1 billion euros in the 2024 investment phase.
European Expansion
To date, PennyLane only operates in France. However, after the new Fundraise, the beginning now plans to expand its services in Europe, which began Germany in the summer.
“It will be a lot of work. In France for about five years to have a mature product,” Caller said he hoped the product maturity in a short period of two years.
PennyLane planned to complete the year with the measurement of annual income measurements of subscribers, consisting of annual income measurement of subscribers renewed every year.
“We will get a breakeven by the end of the year,” Waller said that PennyLane works on the costs of a lower customer than other Fintechs. “75% of our expenses have R & D (research and development),” he said.
PennyLane also plans to develop recruitment after the new financing tour. By the end of 2025, 800 employees are currently growing up to 550.
‘Pilot’ for accountants
Like many other fintechs, PennyLane covers artificial intizos. Waller said that the startup has used technology to help customers automate accounting and vacuum the time for other things like consulting services.
“Because a modern stack, all kinds of AI and Genayi, product,” CNBC told CNBC. “Really try to build a ‘pilot’ for an accountant.”
He added that new electronic invoice rules entered into force throughout Europe, pushing more and more firms to review new digital products to serve the needs of accounting.
“Every business in France will have to choose from today to give invoices from today,” said Caller, called “a great market” e-calculation.
Sequoia in Sequoia sitting in the Pennylan Council, the reforms, reforms, the accounting industry still represented the “mass market opportunity” because it still has a digitalization.
“The reality market is very fragmented,” he said in Lixandru, via email to CNBC. “Every country has one or two decades of one or two decades and has several options that serve both SMB and accountants.”
