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Pennylane picks up $18.4 million in funding

French fintech startup Pennylane has snagged $18.4 million in funding to grow its array of bookeeping and financial management tools.

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Pennylane picks up $18.4 million in funding

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This content has been selected, created and edited by the Finextra editorial team based upon its relevance and interest to our community.

The Pennylane platform enables small business owners to view all of their real-time financial data in a single place.

Arthur Waller, co-founder and CEO of Pennylane, says: "Entirely developed in-house, this solution is connected to many third-party tools and offers excellent user experience by integrating extremely advanced features to make it a real day-to-day decision-making tool.”

Founded just last year, the startup has generated a $2.4 million in revenue, hired about 30 accountants and 15 developers, and now supports 500+ SME customers on a daily basis.

The new round of funding flows from existing investors Global Founders Capital and Partech and follows a $4.3 million seed round back in May 2020.

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