Indy, a French fintech start-up helping to automate accounting for sole traders and freelancers, has raised €40 million ($44 million) in a Series C funding round led by European private equity firm BlackFin Capital Partners.

Other participants in the round include Paris-based investment company La Maison and Toulouse-based private equity firm iXO.

The fresh cash injection takes the start-up’s total capital raised up to €86 million to date and follows its €35 million Series B of 2021, which involved investors Singular, Alven and Kerala Ventures, and its €10 million Series A of 2019.

Founded in 2016, Indy began life as an automated accounting platform and claims to provide 70,000 freelancers with accounting and financing tools for invoicing, bank synchronisation, expense reports and payslips, among other features.

The company now plans to leverage its newfound capital to expand its offering to create a “simple all-in-one application”, which by the end of the year is expected to extend to VAT returns and automated corporate tax administration.

Although many of its existing services are delivered on a subscription basis, with some extended services hidden behind a paywall, Indy is due to launch a professional account option specifically for micro-businesses at the start of next year.

While further information on what the professional offering will entail has yet to be announced, Indy says it is currently looking to support the growth of its services with 200 new hires across its customer service, product, technology, sales and marketing departments.