SECAN MONGKHONKHAMBASSAO | Moment Gety pictures
The French accounting software company Benenene has doubled its evaluation to two billion euros ($ 2.16 billion) in a new 75 million euro financing round.
Benelin told CNBC that it raised the new funds from a group of investment funds, where Sequoia Capital tops the round and alphabet in Capitalg, MERITECH and DST Global as well.
Pennylane was founded in 2020, selling what he calls the “All -One” accounting platform used by accountants and other financial professionals.
The platform is mainly targeted towards small companies to medium -sized, as it offers tools for jobs that extend to expenditures, bills, cash flow management and financial prediction.
“We came to allocate a somewhat similar product (Intuit) Quickbooks or Xero Arthur Walir, CEO of Pennylane, told CNBC that his adaptation to the needs of continental accountants, starting with France.
Pennylane currently serves about 4,500 accounting companies and more than 350,000 small and medium -sized companies. It was previously valued at a value of 1 billion euros in a 2024 investment round.
European expansion
Currently, Benelin only works in France. However, after collecting new donations, start starting now to expand its services throughout Europe – starting with Germany in the summer.
“It would be a lot of work. It took about five years to mature in France,” Waller said, adding that he hopes to reach the ripening of the product in Germany in a shorter period of two years.
Pennylane plans to end the year on about 100 million euros of repeated annual revenue – a measure of annual revenue resulting from the subscriptions that are renewed every year.
“We will get a tie by the end of the year,” Waller said, adding that Biellen is working on customer acquisition costs from other technology. “75 % of our costs are research and development (research and development),” he added.
Benilene is also planning to enhance employment after the new financing round. She looks forward to growth to 800 employees by the end of 2025, up from 550 currently.
“Joint Pilot” for accountants
Like many other Fintechs, Pennylane embraces artificial intelligence. Waller said that startup uses technology to help customers automate the notebooks and the time to edit other things such as consulting services.
“Since we have a modern technology, we are able to include all kinds of artificial intelligence, but also Genai, in the product,” Waller told CNBC. “We are really trying to build a” co -pilot “for the accountant.
He added that the new electronic bills regulations that enter into force throughout Europe pay more and more companies to consider new digital products to meet their accounting needs.
Waller said: “Every action in France will have to choose from now on the choice of the product operator to issue and receive bills,” describing the conduct of a “huge market.”
Luciana Lixandru, a partner in Sequoia who sits on Pennylane’s Board of Directors, said the reforms represent the “huge market opportunity” where the accounting industry is still attached to digitization in terms of digitization.
“The fact is that the market is very fragmented,” Lixandro told CNBC via email. “In every country, there are one or two decades of positions, and some options that serve small and medium -sized companies.”
https://image.cnbcfm.com/api/v1/image/107379722-1709135700566-gettyimages-1974783669-_dsc8014.jpeg?v=1743681263&w=1920&h=1080
Source link