Financial management and accounting solutions provider Pennylane is reportedly in talks to potentially raise up to $200 million at a company valuation of $4.25 billion, according to Bloomberg, which cites sources familiar with the matter. The report states that TVC is preparing to lead the round, joined by follow-on support from Sequoia Capital.
Sequoia previously participated in Pennylane’s €75 million raise in April this year alongside DST Global. This round was led by Meritech Capital Partners and Alphabet’s CapitalG, with CNBC reporting a €2 billion valuation just seven months ago.
Pennylane was founded in 2020 in Paris, and operates an accounting platform with integrated tools for payments, expensing, invoicing, cash flow and procurement management, and financial forecasting.
CEO and co-founder Arthur Waller previously stated in April an intention to “integrate technological advances such as generative AI” into this platform, alongside plans to expand the company’s headcount to 800 employees by the end of this year.
The company was approached by FinTech Futures regarding its reported fundraising efforts.
Source: https://www.fintechfutures.com/
