Banks: Pennylane raises 175 million euros. Paris-based fintech offers a platform for accounting and financial management. The company also wants to invest its raised capital in the German market. Germany CEO Janiesch: Valuation is said to have doubled. Photo: Pennylane Frankfurt. Fresh capital for Pennylane: As the Paris-based fintech announced on Tuesday morning, it secured 175 million euros in a funding round. From the company's environment, it is understood that the valuation is said to have roughly doubled. In the last funding round in the spring of last year, Pennylane was valued at 2.2 billion dollars (approximately 1.9 billion euros). The round is led by investment firm TCV. Blackstone Growth, an investment division of asset manager Blackstone, is also involved, as are existing investors. 'Especially for the German accounting and financial market, this funding round is an important milestone for Pennylane,' said Tobias Janiesch, who is responsible for Pennylane's German business. The capital enables significant investments in the German market. In the long term, it also provides financial resources to be able to react early to a possible consolidation of the European market, according to the company. Pennylane currently employs 1000 people and is an AI-supported platform for accounting and financial management. Founded in 2020 in Paris, the company advertises that small and medium-sized enterprises (SMEs) and tax consultants can collaborate on their platform, for example on topics such as accounting, invoicing, payment transactions or reporting. Through this and by automating a variety of manual tasks, customers can achieve 'significant savings,' Pennylane advertises. Currently, about 800,000 companies in France and 6000 tax consultants across Europe use the software. At the end of November last year, the fintech expanded into the Federal Republic. The company does not disclose how many customers it has gained since then in Germany, its second market. In this country, Pennylane competes with accounting software Datev, among others. The Paris-based fintech is not yet profitable. According to its own statements, the current annual recurring revenue is about 115 million euros. They are approaching profitability, Janiesch emphasized. However, the company does not aim for profitability 'for its own sake.' 'Our corporate strategy follows a long-term vision: We are investing massively today to quickly create the best possible tool,' said Janiesch.