Arthur Waller co-founded Pennylane in Paris in 2020 with Quentin de Metz and Thierry Deo. The aim was a shared financial tool for small businesses and their accountants, with bank feeds, invoices and cash flow in one place.
The first round was €4 million in May 2020. A €15 million Series A followed in January 2021, with another €15 million six months later when Sequoia Capital joined. In 2021 the company briefly offered its own accounting service, then sold it to an independent firm to stay a software platform.
Pennylane raised €50 million in January 2022. In February 2024 it raised €40 million at a €1 billion valuation and became a unicorn.
In April 2025 it raised €75 million from Meritech and CapitalG, when annual recurring revenue stood at €60 million.