French fintech Pennylane raises €175M

Paris-based fintech Pennylane has just pulled off one of Europe’s most noteworthy funding rounds of the year, announcing €175 million in new capital to accelerate its push into artificial intelligence and expand its footprint across the continent.
The round was led by growth investor TCV, with participation from Blackstone Growth and a group of existing backers that includes Sequoia Capital, DST Global, CapitalG and Meritech Capital. 

What makes this raise stand out isn’t just the size of the cheque, though €175 million is hard to ignore in a selective funding market, but the strategic timing and purpose behind it. Pennylane says it didn’t need the capital to survive; it chose to raise now to double down on AI product development and prepare for a phase of market consolidation in European financial software. 

Since its founding in 2020, Pennylane has positioned itself as more than ...