Pennylane SAS, a Paris-based provider of accounting software, today announced that it has raised $204 million in late-stage funding from a consortium led by TCV.

The investment firm was joined by Alphabet Inc.’s CapitalG fund, Blackstone, Sequoia and DST Global. Bloomberg reported that the Series E deal values Pennylane at $4.25 billion. That’s up from the $2.2 billion the company was worth after its last raise in April 2025.

Pennylane provides a cloud-based platform that businesses use to manage their finances. One of its flagship features is a dashboard that can centrally display expense logs from all of a company’s bank accounts. The platform organizes transactions into categories, which makes it easier to tie purchases to specific business projects or departments.

Companies that need more granular visibility can create custom dashboards in Pennylane. For added measure, it provides integrations with third-party data visualization tools. A retailer that has opened a new store could create a dashboard that tracks how the location’s operating costs compare against internal forecasts.

Pennylane’s expense management features also extend beyond monitoring. Businesses can use its platform to issue corporate credit credits, which enable employees to make purchases without help from the accounting team. If a company’s cash on hand isn’t enough to finance a large transaction, it can borrow against outstanding invoices in Pennylane.

Accounting teams create invoices using a file editor built into the platform. According to Pennylane, the tool also lends itself to creating other financial documents. It can generate pro forma invoices, informal documents that help buyers project the cost of a purchase, and merchandise shipment summaries.

Pennylane makes it possible to bill customers by sending them payment links. According to the company, businesses can also use its platform for related tasks such as generating payment reminders and collecting the documents associated with a transaction. Those documents can be shared with an organization’s external accountant through a built-in collaboration tool.

The company says that it has more than 800,000 users, most of whom are based in France. It launched its first international expansion initiative in November when it brought its platform to Germany. At the time, Tech.eu reported that it was planning to hire 100 local staffers to grow its presence in the country.

The newly raised funding will finance its international growth push. Pennylane reportedly plans to establish a presence in several more European markets including Poland, Spain and Belgium. In addition, it will develop new artificial intelligence, payment and cash management features. 

Image: Pennylane