French accounting software company Pennylane has announced a €175 million funding round at a €3.6 billion valuation “to build Europe’s leading financial operating system.”

The round was led by TCV and Blackstone Growth, with support from Sequoia Capital, DST Global, CapitalG, and Meritech Capital.

“This operation enables us to accelerate our AI investments, strengthen our electronic invoicing infrastructure, and expand across Europe,” said Pennylane in a social media post.

“The trust you place in us is reflected in numbers that honor us: 6,000 accounting firms and 800,000 SMEs now make Pennylane their daily partner across Europe.

“This operation comes with an unwavering commitment: in accordance with the Pennylane charter, the founders retain absolute control of governance, with a guarantee of no price increases and continuity of product strategy.

“How will we deliver on these ambitions? By mobilizing our 1,000 employees, half of whom are in R&D, to develop the AI co-pilot that will enrich your advisory services, adapt our platform to European specificities, and ensure a smooth transition to electronic invoicing from 2026.”