Pennylane Doubles Valuation! Is This the New Heisenberg of Accounting Software?

Say My Name: From Humble Beginnings to Billion Dollar Valuation

So some outfit called Pennylane a French accounting software firm has apparently doubled its worth to a cool 2 billion euros. Two billion! That's more than I ever made slinging my… well let's just say 'product.' They got themselves a 75 million euro funding round led by Sequoia Capital. Alphabet's CapitalG and some other suits are in on it too. Reminds me of the time I had to cook for some very important… investors. Let's just hope their business model is a little more sustainable than mine was. No methylamine required I presume?

All in One? More Like All in The Money!

Apparently this Pennylane is selling an "all in one" accounting platform. Sounds like the kind of thing I could've used to keep my… operations… a bit more organized. They target small to medium sized firms offering tools for things like invoicing and cash flow. Back in my day 'cash flow management' meant burying it in the desert. This Arthur Waller the CEO says they're adapting the software to the needs of continental accountants. Makes you wonder what kind of 'needs' we're talking about here eh? Hopefully nothing that involves a barrel of hydrofluoric acid.

France First Then the World!

Right now Pennylane is just in France. But after this cash injection they're planning a European expansion starting with Germany. Good luck with that! Remember what happened with the Germans in World War 2?! Waller hopes to reach 'product maturity' in Germany in just two years. He clearly hasn't dealt with Jesse's… 'maturity' issues. They're aiming for 100 million euros in annual recurring revenue. Pretty impressive even if it's not blue meth money. Though I bet they're gonna need a good lawyer if they start getting that kind of attention.

The Heisenberg of Hiring?

Pennylane is also planning to hire more people. They want to grow to 800 employees by the end of 2025. That's a lot of potential liabilities… I mean assets. I always preferred a small tight knit team. Less chance of someone ratting you out to the DEA. Speaking of expenses they are investing a lot in research and development which is good. But if they ever need a chemist they know who to call right? I bet my blue stuff would sell really well in Europe...

AI: The New Blue Meth?

Of course they're jumping on the AI bandwagon. Waller says they're using it to automate bookkeeping and free up time for accountants. They're calling it a 'co pilot' for accountants. Back in my day my 'co pilot' was a meth head named Jesse Pinkman. But hey if AI can make your books look cleaner who am I to judge? Maybe they'll use AI to help hide your… creative accounting.

E Invoicing: A Whole New Market!

Apparently new e invoicing regulations are coming into force across Europe and that's pushing firms to consider digital products. This Luciana Lixandru from Sequoia calls it a 'massive market opportunity.' Translation: a lot of money to be made. The accounting industry is still catching up with digitization. Sounds like a place ripe for disruption…or at least a little bit of…improvement. Just remember when you cook I mean when you account do it right. And always leave a few loose ends just in case.