Paris-based fintech Pennylane has achieved a valuation of €1 billion following a €40 million Series C funding round.

Existing investors Sequoia Capital and DST Global led the investment, marking Pennylane as France's latest unicorn.

Since its 2020 inception, Pennylane has experienced rapid growth with a 40-fold customer increase and over 2,000 accountancy firms using its platform.

The firm's mission centers on enhancing financial management for SMEs and startups, allowing accountants to shift from data processing to consultancy.

Pennylane is focusing on AI advancements, such as chatbots and automated assistants, to provide accountants with more efficient tools.

CEO Arthur Waller plans to expand platform capabilities through external growth strategies while aiming for profitability within 12-18 months.

Sequoia's Lucian Lixandru anticipates further European expansion due to Pennylane's significant impact on SMBs and accountancy practices.