14.04.2025
French Pennylane collects 75 million euro and expands to Germany
Hey there,
Welcome to another newsletter. This time, there are ten short news to explore, an updated Pennylane article to read and some interesting interviews and podcasts at the end to consume.
And if you ever felt like commenting (anonymously) on the content of this newsletter, there is now a way to do that. Please use this form.
Enjoy 💜
💡 TaxTech News
Two acquisitions: Finmatics gets acquired by Visma and Austrian fiskaly buys DF Deutsche Fiskal GmbH. (Link1, Link2)
Two embedded banking news: Qonto quietly launches embedded banking product “Qonto Embed,” offering embedded financial services and Dutch bookkeeping software SnelStart follows Accountable’s lead and starts offering an integrated banking experience. (Link1, Link2)
Two personnel updates: Thomas Herzog leaves his position as Chief Product Officer at Kontist by Ageras and Qonto’s Head of Product Maxime Champoux departs after six and a half years. (Link1, Link2)
While the German taxtech world discusses private equity investing in tax advisories, EQT Group’s fund EQT X invests in WTS Deutschland with the goal to make it the fifth member of the “Big Four.” (Link)
More updates
Accountable announces its AI Tax Advisor is used by thousands of its users. (Link)
b'steuern announces double-digit user numbers and a partnership with Qonto. They’re also looking to expand their podcast presence. (Link1, Link2)
DivTax has new branding and announces a one-click depot import function for DivvyDiary and Parqet customers. (Link)
Moss announces 40 million annual recurring revenue and new Chief Risk Officer Jan Stechele (ex-N26, ex-BayernLB). (Link)
New Zealand-based Taxi, transforming provisional tax payments into a credit line, wins law change on borrowing against provisional tax. (Link)
Norman announces Tide partnership for easier German tax number registration, the third partnership after previous collaborations with Finom and Qonto. (Link)
Letter to the editor
Use this form to (anonymously) comment on this newsletter, leave your feedback or opinion or send a (secret) hint to the editor of TaxTech News.
🇫🇷 French Pennylane collects 75 million euro and expands to Germany
A hidden German landing page, a German GmbH in Munich – with CEO Arthur Waller as Managing Director since March 2025 – and now the official announcement: Pennylane collects 75 million euro in funding at a two billion euro valuation and is entering the German market in the next months, with further European expansion planned. (Last week, TaxTech News already reported the funding round and the expansion to Germany based on initial rumors here.)
Sorry, how much?
Paris-based Pennylane, founded in 2020, has raised 138,5 million euro before this 75 million euro round and employs around 550 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 ahead for German customers?
The German landing page invites you to sign up for a product demo. The full product will reportedly launch in summer 2025, allowing you to manage your finances, accounting, and business bank account in one place.
A significant challenge
Pennylane faces the challenge of entering Europe's biggest bookkeeping and tax market. While Lexware Office has rebranded, sevdesk has just been acquired by Cegid, expanding its European presence. And Accountable, a thriving do-it-yourself accounting and tax software for the self-employed, recently launched its banking offering in partnership with Swan. These three competitors alone are already prepared and, judging by their recent activity, vigilant. 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 extensive German tax expertise at an affordable price.
Of course, Pennylane also has some experience to offer, with a very successful product in France, where they provide 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, the new funding round is completed – doubling its valuation a year ago. Money well spent for a 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 see 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 hesitating and expects to employ more than 200 people across its operations in 2025; getting ready for expansion in France, Germany and beyond.
🎙️ TaxTech Talks
april’s CEO Ben Borodach discusses their unique approach, AI’s role in tax filing, B2B2C model success, and the future of taxtech in the Slice of Finance podcast. (Link)
In “ZEIT für Unternehmer,” Christian Steiger, CEO of Lexware, was interviewed about the upcoming AI transformation after completing the cloud transformation. (Link, page 52)
milia.io’s Michel Menk talks in Innolab IT’s podcast with Thomas L. about setting up a German tax advisory. (Link)
sevdesk’s Director Product Armin Bognar (ex-Chief Product Officer of wundertax) shares insights on building a high growth product. (Link)
TAXMARO’s CEO Steffen Minier discusses payroll accounting challenges and opportunities in the digital world on Innolab IT’s podcast with Thomas Liermann. (Link)
Support
TaxTech News is supported by: wundertax CEO and founder Daniel Hanemann. wundertax offers a do-it-yourself tax filing solution in Germany.
To support this newsletter, you can subscribe either as an individual supporter or a company sponsor. Go here to find out more or contact TaxTech News directly.
Hey there,
Welcome to another newsletter. This time, there are ten short news to explore, an updated Pennylane article to read and some interesting interviews and podcasts at the end to consume.
And if you ever felt like commenting (anonymously) on the content of this newsletter, there is now a way to do that. Please use this form.
Enjoy 💜
💡 TaxTech News
Two acquisitions: Finmatics gets acquired by Visma and Austrian fiskaly buys DF Deutsche Fiskal GmbH. (Link1, Link2)
Two embedded banking news: Qonto quietly launches embedded banking product “Qonto Embed,” offering embedded financial services and Dutch bookkeeping software SnelStart follows Accountable’s lead and starts offering an integrated banking experience. (Link1, Link2)
Two personnel updates: Thomas Herzog leaves his position as Chief Product Officer at Kontist by Ageras and Qonto’s Head of Product Maxime Champoux departs after six and a half years. (Link1, Link2)
While the German taxtech world discusses private equity investing in tax advisories, EQT Group’s fund EQT X invests in WTS Deutschland with the goal to make it the fifth member of the “Big Four.” (Link)
More updates
Accountable announces its AI Tax Advisor is used by thousands of its users. (Link)
b'steuern announces double-digit user numbers and a partnership with Qonto. They’re also looking to expand their podcast presence. (Link1, Link2)
DivTax has new branding and announces a one-click depot import function for DivvyDiary and Parqet customers. (Link)
Moss announces 40 million annual recurring revenue and new Chief Risk Officer Jan Stechele (ex-N26, ex-BayernLB). (Link)
New Zealand-based Taxi, transforming provisional tax payments into a credit line, wins law change on borrowing against provisional tax. (Link)
Norman announces Tide partnership for easier German tax number registration, the third partnership after previous collaborations with Finom and Qonto. (Link)
Letter to the editor
Use this form to (anonymously) comment on this newsletter, leave your feedback or opinion or send a (secret) hint to the editor of TaxTech News.
🇫🇷 French Pennylane collects 75 million euro and expands to Germany
A hidden German landing page, a German GmbH in Munich – with CEO Arthur Waller as Managing Director since March 2025 – and now the official announcement: Pennylane collects 75 million euro in funding at a two billion euro valuation and is entering the German market in the next months, with further European expansion planned. (Last week, TaxTech News already reported the funding round and the expansion to Germany based on initial rumors here.)
Sorry, how much?
Paris-based Pennylane, founded in 2020, has raised 138,5 million euro before this 75 million euro round and employs around 550 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 ahead for German customers?
The German landing page invites you to sign up for a product demo. The full product will reportedly launch in summer 2025, allowing you to manage your finances, accounting, and business bank account in one place.
A significant challenge
Pennylane faces the challenge of entering Europe's biggest bookkeeping and tax market. While Lexware Office has rebranded, sevdesk has just been acquired by Cegid, expanding its European presence. And Accountable, a thriving do-it-yourself accounting and tax software for the self-employed, recently launched its banking offering in partnership with Swan. These three competitors alone are already prepared and, judging by their recent activity, vigilant. 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 extensive German tax expertise at an affordable price.
Of course, Pennylane also has some experience to offer, with a very successful product in France, where they provide 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, the new funding round is completed – doubling its valuation a year ago. Money well spent for a 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 see 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 hesitating and expects to employ more than 200 people across its operations in 2025; getting ready for expansion in France, Germany and beyond.
🎙️ TaxTech Talks
april’s CEO Ben Borodach discusses their unique approach, AI’s role in tax filing, B2B2C model success, and the future of taxtech in the Slice of Finance podcast. (Link)
In “ZEIT für Unternehmer,” Christian Steiger, CEO of Lexware, was interviewed about the upcoming AI transformation after completing the cloud transformation. (Link, page 52)
milia.io’s Michel Menk talks in Innolab IT’s podcast with Thomas L. about setting up a German tax advisory. (Link)
sevdesk’s Director Product Armin Bognar (ex-Chief Product Officer of wundertax) shares insights on building a high growth product. (Link)
TAXMARO’s CEO Steffen Minier discusses payroll accounting challenges and opportunities in the digital world on Innolab IT’s podcast with Thomas Liermann. (Link)
Support
TaxTech News is supported by: wundertax CEO and founder Daniel Hanemann. wundertax offers a do-it-yourself tax filing solution in Germany.
To support this newsletter, you can subscribe either as an individual supporter or a company sponsor. Go here to find out more or contact TaxTech News directly.