French fintech Pennylane doubles valuation to $2.2 billion as Alphabet's venture capital arm takes stake

Seksan Mongkhonkhamsao | Moment | Getty Images French accounting software firm Pennylane has doubled its valuation to 2 billion euros ($2.16 billion) in a new 75 million euro funding round. Pennylane told CNBC that it raised the fresh funds from a host of venture funds, with Sequoia Capital leading the round and Alphabet's CapitalG, Meritech and DST Global also participating. Founded in 2020, Pennylane sells what it calls an "all-in-one" accounting platform that's used by accountants and other financial professionals. The platform is primarily targeted toward small to medium-sized firms, offering tools for functions spanning expensing, invoicing, cash flow management and financial forecasting. "We came in tailoring a product that looks a bit like [Intuit's ] QuickBooks or Xero but adapting it to the needs of continental accountants, starting with France," Pennylane's CEO and co-founder Arthur Waller told CNBC. Pennylane currently serves around 4,500 accounting firms and more than 350 ... Read full article.