Sequoia Acquires a 15 Million Euros Stake in Pennylane

Sequoia Capital, an American venture capital giant known for its investments in Google, PayPal, and Stripe, chooses Pennylane for its first investment in France. Pennylane thus aims to become the Financial Operating System for European SMEs and start-ups by investing in the development of its all-in-one platform dedicated to managers and accountants and by expanding its tech, product, and design teams.

First positioned as a solution combining management platform and online accounting firm, Pennylane announced in January 2021 to focus on the development and marketing of its platform through a capitalization of 15 million euros to its historical investors. 

Six months later, the success of Pennylane is incredible: more than 1,000 business leaders and more than 100 accounting firms are now running their activities from the platform. Faced with this strong adoption, Pennylane once again wishes to accelerate and strengthen its platform positioning, via a new capitalization of 15 million euros with one of the most prestigious investment funds in the international tech ecosystem.

First investment in France Sequoia Capital, Pennylane joins the very famous Stripe, Paypal, or Square in the investment fund’s portfolio, thus providing it with its expertise in fintech and platforms.

Luciana Lixandru, Partner of Sequoia Capital says: “We have met a lot of companies in the fintech sector in Europe. For us, Pennylane is becoming the most promising financial platform in Europe, thanks to its positioning as an all-in-one platform and the wealth of its 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.”

Arthur Waller, CEO, and co-founder of Pennylane: “We are proud to announce this new funding round with Sequoia Capital, which is a great proof of confidence in the Pennylane model. This confirms our vision and our ambition: to bring out the best financial Operating System for startups and SMEs at the European level. Pennylane is a centralizing and open platform, which can connect to all the management tools and which allows the chartered accountant to use the same tool as his client, to communicate with him and by giving access to the up-to-date data of the company to both. It is this innovative and strategic model for its business that we wish to offer today to all French and, ultimately, European companies”.

With this positioning as an all-in-one platform for managers and accountants, Pennylane is positioned as an ally of accountants, allowing them to focus on their advisory mission. The manager, by connecting daily to the platform, thus facilitates data recovery for his accountant. The business manager, who now has a clear real-time vision of his company’s financial performance thanks to Pennylane, can use the platform with his own accountant, internalized or outsourced, or else call on Pennylane to select him.