Fintech/News/ French fintech begins 2021 with a bang as Pennylane raises $18.4m France hopes to compete with the UK to become Europe's fintech capital By Freya Pratty 7 January 2021 \Fintech Which European banking app is winning the race for customers? By Amy O'Brien 21 February 2023 Fintech/News/ French fintech begins 2021 with a bang as Pennylane raises $18.4m France hopes to compete with the UK to become Europe's fintech capital By Freya Pratty 7 January 2021 France’s fintech year has got off to a flying start already with Paris-based Pennylane raising an $18.4m Series A round to expand its tools to help businesses navigate the financial repercussions of the pandemic. The company is part of a growing number of French fintechs and its raise comes after Cedric O, junior minister for digital economy, said he believed Paris could come to overtake London as the fintech capital in Europe, particularly in the context of Brexit. Paris is currently home to 1,200 fintechs, according to data from Dealroom, while London has three times as many, but an acceleration in funding in France suggests the country could catch up with its neighbour. Pennylane, which was launched in January last year, raised the new investment from Global Founders Capital and Partech, who also participated in its seed round in May, raising $4.3m. The book keeping startup supplies businesses with real-time financial data, including information on purchasing, sales and banking transactions and aims to give financial managers more insight into their accounts than a third party accountant alone can offer. The idea is not to remove outsourced accountants entirely from the process, however. “For Pennylane, digital only solutions can do nothing, they must serve and empower managers and accountants,” said Arthur Waller, CEO and cofounder of Pennylane. Having a comprehensive, real-time understanding of finances will become more critical for businesses “in the context of crisis and forced digital transformation” brought on by the pandemic, Waller said. Pennylane’s services are now used by over 500 customers, all based in France, and it reported $2.4m in revenue at the end of last year. Freya Pratty covers news at Sifted. She tweets from @FPratty Related Articles 22 French fintechs to watch post-Brexit By Marie Mawad in Paris Click here to read more 20 French AI startups to watch By Marie Mawad in Paris Click here to read more “Unicorns, who cares?”, French founders tell Macron By Marie Mawad in Paris Click here to read more Most Read 1 \Healthtech Is Daniel Ek’s new body scanner worth the hype? Sifted tried it out 2 \Venture Capital VC diversity needs to change — and white men need to take responsibility 3 \Venture Capital New €3.75bn European Investment Fund pot to back late-stage VCs 4 \Sustainability Counteract closes £15m fund for carbon removal solutions 5 \Mobility Was the $5bn that VCs plugged into escooters worth it?