French fintech Pennylane has raised $57 million (€50 million) in Series B funding. The round was led by existing investors Sequoia Capital, Global Founders Capital, and Partech to accelerate the expansion of its financial OS to European SMBs and accounting firms.

Founded in 2020 by Arthur Waller, Quentin de Metz, Tancrede Besnard, Edouard Mascré, Alexandre Roquoplo, Thierry Deo and Felix Blossier, the financial and accounting management platform is designed for SMEs and their accountants. The startup has developed a platform that combines complete production software for accountants and a financial management tool for their clients. By offering them a shared tool, it allows accountants to spend less time processing data and more time analysing it, and their executive clients to spend less time on administrative management while having all the tools they need to better manage their business.