Pennylane has raised €175 million in a funding round led by TCV and Blackstone Growth, with participation from Sequoia Capital, DST Global, CapitalG, and Meritech Capital, as the company seeks to position itself as a leading “financial operating system” for European businesses. Bloomberg revealed that the funding round was at a $4.25 billion valuation.
The France-founded platform said it will use the new capital to accelerate its investments in AI, strengthen its electronic invoicing infrastructure, and expand into additional European markets. Pennylane also pointed to its current scale, noting that 6,000 accounting firms and 800,000 small- and mid-sized businesses use the product across Europe.
Alongside the financing, Pennylane said its governance structure will remain founder-controlled under the company’s charter, and it pledged “no price increases” and continuity of product strategy as it executes its expansion plans.
Pennylane said it will pursue these priorities with its team of 1,000 employees, noting that roughly half are in R&D. A central product focus is building an AI “co-pilot” to enhance advisory workflows for accountants and finance professionals, while adapting the platform to country-specific requirements. The company also said it is preparing customers for a transition to electronic invoicing beginning in 2026.
KEY QUOTES:
“This operation comes with an unwavering commitment: in accordance with the Pennylane charter, the founders retain absolute control of governance, with a guarantee of no price increases and continuity of product strategy.”
“How will we deliver on these ambitions? By mobilizing our 1,000 employees, half of whom are in R&D, to develop the AI co-pilot that will enrich your advisory services, adapt our platform to European specificities, and ensure a smooth transition to electronic invoicing from 2026.”
Pennylane statement
