Pennylane raised a $57 million Series B round from Sequoia Capital, Global Founders Capital and Partech.

Pennylane, a Paris, France-based SAAS developer of financial services platform, announced the completion of a $57 million series B funding round.

The money was raised from investors led by Sequoia Capital, joined by existing shareholders including Global Founders Capital and Partech.

Pennylance, founded in 2020 by Alexandre Roquoplo, Arthur Waller (CEO), Edouard Mascré, Félix Blossier, Quentin de Metz, Tancrède Besnard and Thierry Déo, built an online accounting platform that has in time evolved to a full-stack accounting service sold as a SaaS in order to provide a complete view of the health of finances of a company. By offering them a shared tool, it allows accountants to spend less time processing data and more time analysing it, and their executive clients to spend less time on administrative management while having all the tools they need to better manage their business.

The company says it works roughly 300 accounting firms from France, including names such as Luko, Yuka, and Kymono, and which bring them 80% of the news business via referrals.

Pennylane previously raised €15 million Series A round from Global Founders Capital and Partech in January 2021 which was extended with $18.3 million in order to accomodate the American investors from Sequoia Capital in the summer of 2021. It was initially seeded with €4 million in 2020.