Sequoia-backed fintech Pennylane is set to raise around $50 million in deal led by Revolut investor DST Global, sources say
French accounting tech startup Pennylane is set to raise around $50 million, Insider understands.The new funding is thought to be an up-round from the company's last deal in January 2022.
The French startup, which counts US investing giant Sequoia among its biggest backers, enables businesses to automate invoices and manage cash flow more efficiently. The startup last raised a $57 million Series B led by Sequoia in January 2022, a round that valued the business at between $450 million and $500 million, according to two sources familiar with the deal. Pennylane's new round comes at a time when private market valuations for tech startups have slumped following a downturn in publicly-traded stocks last year.
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