Pennylane Achieves Unicorn Status with Latest Funding Round

The French fintech startup, Pennylane, has doubled its valuation to over €1 billion after securing €40 million in its latest funding round.

Pennylane, a French accounting software startup, has become Europe's latest unicorn, reaching a valuation of over €1 billion.
The company secured €40 million in its latest funding round, led by existing investors Sequoia Capital and DST Global.
Pennylane's software is designed to enhance the services provided by accountants to small and medium-sized enterprises (SMEs) by centralizing data on a single platform.
The startup has experienced rapid growth, with its platform's user base increasing 40-fold in the last two years, now supporting over 2,000 accounting firms and 120,000 SMEs in France.
Pennylane plans to use the new funds to accelerate its SaaS software development and invest heavily in AI, including the setup of a chatbot aimed at accountants.