Some innovations give less stars in the eye than if it were a cure for cancer, but they still change the life of an industry or an entire profession. This is the case of Pennylane, a nugget based in Cherbourg. Its innovation is not “sexy”: it is a financial management platform dedicated to VSEs and SMEs. But since its creation in 2020, it has imposed itself like wildfire on accountants, to the point that the young startup has just entered the prestigious French Tech 120, the government index which brings together the 120 nuggets of the most promising French Tech.
To continue the momentum of a start to the year with a bang, Pennylane la Normande has just finalized a fourth fundraising of 50 million euros led by Sequoia Capital, one of the most prestigious investment funds in tech. American (Google, Apple, Cisco, Square, Zoom, Airbnb…). The latter had already injected around fifteen million last summer into the capital of the young company, so he reaffirms his confidence in it. And to this is added the Coup de Coeur prize for the 10,000 startups to change the world 2022 prize, organized by La Tribune.
More than 8,000 companies seduced in two years
” For us, Pennnylane is becoming Europe’s most promising financial platform for startups and SMEs predicts Luciana Lixandru, office manager of Sequoia Capital Europe.
It must be said that the nugget created in 2020 by the founders of the yield management solution Price Match – since sold to Booking.com – has experienced spectacular growth. What’s more, in a hotly contested market, dominated by heavyweights like Cegid and Sage. In less than two years, its Saas solution for financial management and accounting has attracted some 400 accounting firms and more than 8,000 companies.
His secret weapon? A platform ” all in one shared. Pennylane is both a real-time financial management tool for managers and production software for accounting professionals. ” They no longer work in silos because we take care of the plumbing between these two worlds, which the historical players cannot do, whose products have changed little in twenty years. “, boasts Arthur Waller, CEO and co-founder.
Looking for 300 developers
Obviously, the formula neither more nor less expensive than those of its competitors hits the mark. Pennylane (150 employees today) thus claims 2,500 new customers in the month of January alone and crazy growth every month. Acceleration driven by the growing membership of chartered accountants, says its leader.
” Since September, we no longer have to prospect company by company because many firms are abandoning Cegid or Sage to switch their entire portfolio to our solution. This is the signal we’ve been waiting for to put the turbo on “.
By turbo, the person concerned means the recruitment of 300 new experienced developers/engineers. “Rare birds” for which a European call for applications is launched (with the possibility of remote work from Munich, Madrid or London). Objective: to constitute the largest technical team in the EU to improve the robustness of the platform and consolidate its technological lead. A key issue for Arthur Waller. ” We have to move quickly because few solutions will last in the long term. We are on a model of the type “the winner takes all” “, he underlines.
Bank cards and dematerialized invoicing
In terms of innovation, Pennylane is firing on all cylinders. Using the new possibilities offered by Fintech, it intends in particular to equip chartered accountants with bank cards in the name of the firms that they can make available to their clients. The offer is in the test phase with several figure professionals where it is arousing a lot of interest, assures its CEO. ” The idea is to bring a new source of revenue to accountants without costing cardholders a penny more. The financial windfall could be huge “, he details. Launch planned for the first half of this year.
The team is also preparing for the big bang of electronic invoicing. From July 1, 2024, all companies will indeed have to be able to issue and receive dematerialized invoices for which they will have to use accredited platforms (known as PDP). Which will transmit the data to the tax administration via the Chorus public platform. Naturally, the Cherbourg start-up will place itself on the starting line when the time comes in the hope of being among the first to obtain its accreditation.
The “10,000 startups to change the world” prize is the biggest startup competition in France. It is organized by La Tribune in partnership with BNP Paribas, the French Tech Mission, Bpifrance, Business France, the Overseas Ministry, Dalkia and the National Order of Chartered Accountants.
“10,000 startups to change the world” has been rewarding the most promising French startups for 10 years in six categories that embody the challenges of tomorrow: Environment & Energy, Industry of the future, Data & IA, Smart tech -use innovations-, Health and Start – nuggets in the seed phase. During a tour of France between January and March in 8 French cities (Lyon, Marseille, Toulouse, Bordeaux, Nantes, Paris, Strasbourg and Lille), its jury of experts and journalists rewarded 6 startups in each region, a by category, i.e. 48 regional winners.
These winners competed in the final on March 14 in Paris, to designate among them 9 national grand prizes: one per category, as well as a Coup de Coeur prize, an Impact prize and an International prize. A 10th prize was also awarded to a startup from the Overseas Territories, among three award-winning nuggets in Reunion, in the Caribbean zone (Guadeloupe, Martinique, French Guiana) and in the Polynesia zone (Tahiti, New Caledonia). The 10 prizes were awarded on March 28, 2022 at the Grand Rex in Paris. After her victory in the regional selection of Nantes, Pennylane wins the special Coup de Coeur prize.
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10,000 startups 2022 prize: Pennylane, the tool that simplifies the financial management of companies to the extreme