Pennylane, a French accounting software startup, has raised €75 million (US$82 million) in a round led by Sequoia Capital, doubling its valuation to €2 billion (US$2.2 billion).

Founded in 2020, Pennylane provides accounting tools for SMEs and accounting firms, serving 4,500 firms and 350,000 businesses in France.

The company will use the new funds to expand across Europe, starting with Germany, where it aims to reach product maturity in two years.

Pennylane expects €100 million (US$109 million) in annual recurring revenue and plans to break even by the end of 2025.