From CNBC: 2025-04-06 18:00:00

French accounting software firm Pennylane has raised 75 million euros in a funding round, doubling its valuation to 2 billion euros. The startup offers an “all-in-one” accounting platform for small to medium-sized firms, currently serving 4,500 accounting firms and 350,000 SMEs.

Pennylane plans to expand across Europe, starting with Germany after the recent funding round. The startup aims to reach product maturity in Germany within two years and achieve breakeven by the end of the year. Pennylane also plans to increase hiring, aiming for 800 employees by 2025.

Embracing artificial intelligence, Pennylane aims to act as a ‘co-pilot’ for accountants by automating bookkeeping and freeing up time for advisory services. The startup is leveraging AI and GenAI technology to meet the growing demand for digital products in response to new e-invoicing regulations in Europe.

Read more: Pennylane doubles valuation as Alphabet VC fund takes stake