Pennylane, the Paris-based accounting production and financial management platform for accounting firms and their clients, has raised €175 million in a funding round led by TCV.
The round included participation from Blackstone through funds managed by Blackstone Growth, alongside existing shareholders Sequoia Capital, DST Global, CapitalG and Meritech Capital.
Founded in 2020 and led by co-founder and CEO Arthur Waller, Pennylane provides a single platform for financial and accounting data that helps entrepreneurs manage invoicing and payments, pay suppliers and control expenses, and pilot cash and profitability, while enabling accountants to handle bookkeeping and tax filings.
The company supports over 6,000 firms and 800,000 client companies and employs around 1,000 people. Since 2024 Pennylane has been registered as an Authorised Platform and operates an electronic invoicing solution; in April 2025 it raised an additional €75 million co-led by Sequoia Capital, CapitalG and Meritech, and in November 2025 it entered the German market.
Pennylane said the new capital will be deployed to intensify R&D — including building generative AI tools such as an analysis-assistant co-pilot for accountants — to localise products for German regulatory requirements, to strengthen infrastructure and prepare users for the transition to electronic invoicing from 2026 as an authorised platform, and to enrich its payments and cash management offering; the fundraising also secures long-term resources to anticipate European market consolidation as the company approaches profitability.
