Accounting startup Pennylane raises $204m from TCV, Blackstone
- ByStartupStory | January 20, 2026
Pennylane Raises $204M from TCV, Blackstone
Pennylane, the Paris-based accounting automation platform transforming European SMB finance teams, has secured $204 million in Series D funding led by TCV and Blackstone to dominate continental back-office digitization.
AI-Native Accounting Conquers Europe
Founded by ex-Spendesk executives, Pennylane replaces Excel purgatory with real-time bookkeeping, automated VAT reconciliation, and predictive cash flow dashboards serving 100,000+ companies across France, Germany, and Spain. Its bi-directional API syncs with Xero, Stripe, and local payroll systems, delivering 80% time savings versus legacy SAP implementations while ensuring IFRS compliance through embedded audit trails.
Scale Fuels Cross-Border Expansion
The capital accelerates penetration into UK, Italy, and Benelux markets, doubling headcount to 800 and launching multicurrency consolidations for DACH exporters. TCV and Blackstone bet on Pennylane capturing the €50 billion European accounting software market where 70% of SMBs still manual-process invoices.
Pennylane proves AI finally automates accounting’s drudgery. $204 million unlocks the platform powering 1 million European finance teams, turning compliance headaches into strategic superpowers from Paris to Berlin.
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