French accounting software platform Pennylane raises $200M

French accounting software platform Pennylane secured $200 million in a Series E funding round, highlighting continued investor interest in European fintech. The funding, led by TCV and including participation from Blackstone Growth, Sequoia, and CapitalG, signals strong confidence in Pennylane's growth trajectory and its potential within the European market. The company plans to leverage the investment to enhance its AI capabilities and expand its European presence. The funding round values Pennylane at approximately $4.25 billion, although this valuation remains unconfirmed. Founded in 2020, Pennylane provides an all-in-one accounting and financial management platform for startups, SMEs, and their accountants. The platform centralizes financial operations, fostering collaboration between businesses and their accountants through a shared workspace, streamlining financial processes. This investment will primarily fuel Pennylane's research and development efforts, especially focusing on refining its product in Germany, where it recently launched. Furthermore, the company aims to bolster its payment and cash management offerings, enhancing its overall value proposition. This move aligns with a broader trend of European tech companies attracting significant investment to compete in the global fintech landscape. Pennylane's recent funding underscores the increasing importance of digital tools in modern accounting and financial management. With this new capital, Pennylane is positioned to further solidify its market position and accelerate its expansion across Europe.