03.04.2025
Competition for Accountable, Lexware Office and sevdesk: Pennylane set to enter German bookkeeping and tax market
One hidden German landing page and a German GmbH in Munich, with CEO Arthur Waller as Managing Director since March 2025: The signs of recent weeks have now been picked up by Finance Forward, which has published an article about French Pennylane, which is apparently set to enter the German bookkeeping and tax market. No official announcement has been made yet. Interestingly, this may not be the first attempt at a German launch, with an expired job ad from before 2023 where Pennylane was looking for a General Manager to launch in the German market.
💰 Sorry, how much?
Paris-based Pennylane was founded in 2020, has raised 138.5 million euro and employs more than 350 people. The 138.5 million euro are made up as follows:
4 million euro Seed Round with lead investor Global Founders Capital (Rocket Internet) in 2020
15 million euro Series A with lead investor Hedosophia in 2021
50 million euro Series B with lead investor Sequoia Capital in 2022
29.5 million euro Series C with lead investor DST Global in 2023
40 million Euro Series C with lead investors DST Global and Sequoia Capital in 2024
❓ What's in store for German customers?
The German landing page invites you to sign up for a product demo. It is not exactly clear when more functionality will be available or when the full product will launch. But for now, it's stated that you'll be able to manage your finances, accounting and business bank account in one place.
☝️ A big challenge
The real challenge for Paris-based Pennylane, however, will be to break into one of Europe's biggest bookkeeping and tax markets. While Lexware Office has just launched a rebrand, sevdesk has just been acquired by Cegid, expanding its European presence. And Accountable, the thriving do-it-yourself accounting and tax software for the self-employed, recently launched its banking offering in partnership with Swan. So these three competitors alone are already on their toes and, judging by their recent activity, on high alert. Ready to react if necessary.
So again, competing with these German industry leaders is a big challenge for Pennylane, because these established players are not only active, but already offer well-defined software with lots of German tax expertise, all at an affordable price.
Of course, Pennylane also has some experience to offer, with a very successful product in France, where they not only offer a bookkeeping tool, but also connect small and medium-sized businesses with tax advisors. (A market so interesting that Denmark's Ageras bought French bank Shine to get a slice of it). In addition, a new round of funding is reportedly in the works, valuing Pennylane at a whopping two billion dollars - double its valuation a year ago. Money well spent for the German market entry, but, make no mistake, no guarantee of success. Just look at Austrian company Taxefy®, a personal do-it-yourself tax app, which is still trying to gain any significant traction since its official launch in Germany in 2024 - despite also being well-funded.
🚂 Full steam ahead
It will be interesting to watch how and if the German bookkeeping and tax market is affected by Pennylane's entry. Regardless of what this article may suggest, Pennylane is not thinking twice and expects to employ more than 200 people across its operations in 2025; ready for expansion in France and – possibly – beyond.
One hidden German landing page and a German GmbH in Munich, with CEO Arthur Waller as Managing Director since March 2025: The signs of recent weeks have now been picked up by Finance Forward, which has published an article about French Pennylane, which is apparently set to enter the German bookkeeping and tax market. No official announcement has been made yet. Interestingly, this may not be the first attempt at a German launch, with an expired job ad from before 2023 where Pennylane was looking for a General Manager to launch in the German market.
💰 Sorry, how much?
Paris-based Pennylane was founded in 2020, has raised 138.5 million euro and employs more than 350 people. The 138.5 million euro are made up as follows:
4 million euro Seed Round with lead investor Global Founders Capital (Rocket Internet) in 2020
15 million euro Series A with lead investor Hedosophia in 2021
50 million euro Series B with lead investor Sequoia Capital in 2022
29.5 million euro Series C with lead investor DST Global in 2023
40 million Euro Series C with lead investors DST Global and Sequoia Capital in 2024
❓ What's in store for German customers?
The German landing page invites you to sign up for a product demo. It is not exactly clear when more functionality will be available or when the full product will launch. But for now, it's stated that you'll be able to manage your finances, accounting and business bank account in one place.
☝️ A big challenge
The real challenge for Paris-based Pennylane, however, will be to break into one of Europe's biggest bookkeeping and tax markets. While Lexware Office has just launched a rebrand, sevdesk has just been acquired by Cegid, expanding its European presence. And Accountable, the thriving do-it-yourself accounting and tax software for the self-employed, recently launched its banking offering in partnership with Swan. So these three competitors alone are already on their toes and, judging by their recent activity, on high alert. Ready to react if necessary.
So again, competing with these German industry leaders is a big challenge for Pennylane, because these established players are not only active, but already offer well-defined software with lots of German tax expertise, all at an affordable price.
Of course, Pennylane also has some experience to offer, with a very successful product in France, where they not only offer a bookkeeping tool, but also connect small and medium-sized businesses with tax advisors. (A market so interesting that Denmark's Ageras bought French bank Shine to get a slice of it). In addition, a new round of funding is reportedly in the works, valuing Pennylane at a whopping two billion dollars - double its valuation a year ago. Money well spent for the German market entry, but, make no mistake, no guarantee of success. Just look at Austrian company Taxefy®, a personal do-it-yourself tax app, which is still trying to gain any significant traction since its official launch in Germany in 2024 - despite also being well-funded.
🚂 Full steam ahead
It will be interesting to watch how and if the German bookkeeping and tax market is affected by Pennylane's entry. Regardless of what this article may suggest, Pennylane is not thinking twice and expects to employ more than 200 people across its operations in 2025; ready for expansion in France and – possibly – beyond.