Pennylane Financial Model
Fintech Startup Financials (Free Excel Download)
All-in-one financial platform serving as both an accounting production tool for chartered accountants and a real-time financial steering tool for their SME clients.
professionals from Deloitte
Used by professionals from
About this model
Pennylane is an all-in-one financial platform for chartered accountants and their SME clients. It combines accounting production tools with real-time financial reporting and steering, so accountants and business owners work from the same underlying data.
The company can distribute directly to SMEs and through accounting firms that bring multiple client companies onto the platform. Payments integrations may add a transaction opportunity, but recurring subscription software remains the principal visible operating model.
The model should forecast accounting firms, client companies per firm, direct SME customers, subscription ARPU, onboarding, and retention. Any supplier-payment or transfer revenue should be calculated from payment volume and take rate in a separate module, preserving the underlying SaaS unit economics.
A turnkey financial model
Live formulas, no hardcoded values
Outputs are driven by live formulas, so the workbook updates from its assumptions instead of relying on hardcoded results.
All assumptions in one tab
Inputs are clearly marked in the Assumptions tab and separated from calculations, making it clear what to change and what to leave intact.
Statements always balancing
For integrated-statement models, the balance sheet, cash flow, and supporting schedules tie through properly.
Distinct schedules for clarity
Debt, working capital, taxes, and cash flow can get messy quickly. We group calculations in clear schedules, not across disconnected tabs.
No hidden macros or external links
There are no unexplained external workbook links or macros to undermine auditability or portability.
Changes flow through the model
Update a key driver and see the impact carry through the forecast, financing, and return outputs. We never use hardcoded numbers in formulas.
About Pennylane
pennylane.ai
How to build a detailed financial model for Pennylane
A complete walkthrough of the business, drivers, and assumptions behind the downloadable Pennylane model - distilled from its pitch deck and publicly available information.
Product & value proposition
Pennylane replaces a fragmented stack of siloed tools (bank, receipts, client invoices, supplier invoices, steering, accounting) with a single platform that:
- For SME executives: purchase management, sales management (quotes → invoices → reminders), cash flow dashboard with 200+ bank/PSP integrations, real-time runway monitoring.
- For chartered accountants: bookkeeping entry automation (API/EBICS bank feeds, OCR, auto-lettering), revision/cut-off modules, VAT and tax filing, ledger editing, analytical reporting.
- Integration layer: Stripe, PayPal, GoCardless, MangoPay, Shopify, Zelty, l'Addition, Tiller, Zapier, Fintecture.
- Distribution: own accounting lab ("Accounting Lab"), network of partner accounting firms, white-glove onboarding with client's existing accountant.
Revenue model
Not explicitly stated in deck. Inferred:
- Subscription SaaS - likely per-seat or per-company/month tiers (exec side + accountant side).
- Possible transaction / payment revenue on supplier payments and e-transfer flows (GoCardless, Fintecture integrations suggest payment facilitation).
- Channel: direct (book a demo CTA, slide 34) + partner accounting firms (network distribution).
- No pricing page or ARR/MRR figures disclosed.
Traction & metrics
All figures from slide 6:
- Founded: 2020
- Headcount: 180+ employees ("Pennylaners")
- Customers: "thousands of companies and hundreds of accounting firms"
- Funding: €34M+ raised
- Investors: Kima Ventures, Sequoia, Partech, GFC
- Named client logos: Yuka, Kymono, Caval, Luko, AGK, Impulsa
Customer benefit claims (qualitative, from case-study slides - not financial KPIs):
- "Save 3 days every month" - Luko (slide 7)
- "Cut the time spent on accounting by a factor of four" - R-PUR (slide 10)
- "Save 20 hours every month on accounting" - agency clients (slide 17)
No revenue, MRR/ARR, growth rate, churn, or NPS figures disclosed.
Competition / moat
Not explicitly named. Implicit competitive framing:
- Current fragmented stack (slide 3): banks, receipt tools, client invoicing, supplier invoicing, steering tools, standalone accounting software - all siloed.
- Pennylane's moat claim: only platform that simultaneously serves as a full accounting production tool (replacing Cegid/Sage/ACD for accountants) AND a live steering dashboard for executives - network effect between the two user types sharing one data layer.
Team & funding ask / use of funds
- CEO: Arthur Waller
- No other named executives in deck; two team members visible in slide 6 photos (unnamed).
- Total raised: €34M+
Recommended financial model
- Archetype + why: B2B SaaS ARR model with a dual-revenue stream: (1) subscription ARR from SME companies and accounting firms; (2) optional payments/take-rate revenue from embedded payment flows. The dual-sided platform warrants tracking both cohorts (firms and their client companies) separately. A 3-statement model is appropriate given the company is post-Series B scale with 180 headcount and significant opex.
- Forecast horizon & granularity: 5 years (FY2024–FY2028); monthly for Year 1–2, annual thereafter. Monthly needed to track cash burn against fundraise.
- Key drivers & assumptions:
*Accounting firm side (supply):*
- Number of partner accounting firms →
- Avg SME clients per firm onboarded to Pennylane
- Monthly fee per firm seat or per-client-handled
*SME side (demand):*
- Active SME companies on platform
- Monthly subscription per SME
- Churn rate
*Payments revenue (optional module):*
- % of SMEs using embedded payments
- Monthly payment volume per SME
- Take rate
*Costs:*
- Headcount
- R&D / Engineering as % of revenue
- Sales & Marketing CAC
- Gross margin
- Scenarios (Base / Bull / Bear - which variables flex):
- Base: SME count grows 50% YoY; firm network grows 40% YoY; payments adopted by 25% of SMEs.
- Bull: Accounting firm channel accelerates (each firm brings 50+ clients); payments take-rate monetisation kicks in; enterprise/mid-market expansion.
- Bear: Slow firm partner adoption; high SME churn (3%+); pricing pressure from incumbents (Cegid, Pennylane's own accounting firm relationships slow to convert).
- Required sheets / outputs:
- Assumptions dashboard (all drivers in one place)
- SME cohort build (monthly new, churned, active)
- Accounting firm cohort build
- Revenue bridge (subscription ARR + payments GMV + take-rate)
- Headcount & opex plan
- P&L (monthly Y1–Y2, annual Y3–Y5)
- Balance sheet & cash flow (to track runway against fundraise)
- ARR bridge (new ARR, expansion, churn, net new ARR)
- Unit economics summary (CAC, LTV, LTV/CAC, payback period)
- Scenario toggle (Base / Bull / Bear)
Frequently asked
Is the Pennylane financial model free?+
Yes. The Pennylane model is a free Excel (.xlsx) download with live formulas. Sign up with your email and the workbook is yours to keep, review, and edit.
What's included in the model?+
A 5-year monthly forecast with P&L, cash flow and runway, valuation (exit multiple plus a DCF cross-check), MOIC/IRR returns, and unit economics, with live formulas throughout.
How was this model built?+
It was built from Pennylane's pitch deck and publicly available information, then structured to investment-banking standards as a fully editable Excel model.
Can I change the assumptions?+
Yes. You can change assumptions and the live formulas will recalculate in the downloadable Excel model.
Have more financial modelling questions? Contact us
Created by ex-finance professionals
Hey, I’m Alex and I created Finamodel.
Over my years in the finance industry I kept building the same models over and over again. Same structure, same assumptions, different logo. So I started building frameworks to turn them into clean, reusable templates.
Every model here is one I’d actually use for a client, and I personally vet each one before it goes up.
I’m not an expert in every industry, but I’ve built enough models to know what belongs in one. And when something is completely foreign to me, I reach out to my network for experts to work on our models with us.
Having a template library on hand cuts a first build from hours to minutes.
Need help finding your model? You’ll find me in the Finamodel app!
Other Fintech Startup Financial Models
Browse another startup in the same category.
Acin
SaaS and data subscription network for operational risk management at Tier 1 financial institutions
Ageras Group
B2B SME ecosystem - marketplace connecting SMEs with accountants + cloud accounting/payroll software + embedded financial services (lending, factoring, banking)
Airbase
Unified non-payroll spend management platform (corporate cards, AP/bill pay, expense reimbursement, approval workflows) for mid-market companies.
Altruist
Vertically integrated all-in-one platform for registered investment advisors (RIAs) - combining custodial, portfolio management, practice management, and client acquisition tools.
Amenitiz
All-in-one hotel management SaaS platform ("Shopify for hotels") for independent hoteliers - PMS, booking engine, channel manager, website builder, payments, and AI-driven revenue management.
Anrok
SaaS sales tax compliance platform - nexus monitoring, calculation, registration, filing, and remittance - built specifically for SaaS companies.
Arrival
Arrival is an EV manufacturer of commercial vans and buses using proprietary Microfactories and vertically integrated components, going public via SPAC merger with CIIG Merger Corp.
AtoB
AtoB is building financial infrastructure for commercial fleets, starting with a no-fee Visa fleet card for fuel and expanding into payroll, BNPL, and international.
