Pleo provides a spend-management platform and intelligent company card with features including subscription management, spend categorisation, invoice payments, email syncing and direct reimbursement. The platform is used by over 30,000 companies. Pleo offers overdraft facilities that are already in use across Sweden, Germany, the UK and Denmark and plans to launch in the Netherlands with additional markets to follow. The company intends to expand its credit offering into new countries and more currencies. Pleo was founded in 2015 and today has a team of over 900 people across nine offices. The company recently added Søren Westh Lonning as its new CFO. Pleo provides company expense management tools for SMBs, primarily delivered via company cards and an integrated spending platform. The company is Copenhagen-born and London-based and focuses on simplifying business expense workflows. Pleo says it added over 3,000 customers in the past six months and is averaging roughly 1,000 new customers per month, bringing its total to over 20,000 customers. The business is in an expansion phase and plans M&A activity to build presence in more than a dozen countries, beginning with Finland, the Netherlands, France, and Portugal. Leadership has signaled that an IPO is a possible path forward, though not the only option. The company’s rapid growth has coincided with a sharp uplift in valuation to $4.7 billion. Pleo has built a vertically integrated expense-management system that includes physical and virtual payment cards (issued in partnership with MasterCard), expense management software, integrated reimbursement and pay-out services, and fraud protection. The company builds its own payments and related technology in-house to enable faster feature development and tighter integration. Pleo offers features such as e-receipt handling, phone-captured paper receipts, user-level spending limits on higher tiers, and the ability to pay invoices from within the platform (launched in April). Pricing is billed per user per month. Today about 17,000 small and medium businesses use Pleo; the company has roughly 330 employees across Copenhagen, London, Stockholm, Berlin and Madrid. Management is pushing into larger customers (up to 5,000 employees) and has set a target of reaching 1 million users by 2025. The company will use new funding to build more features, expand business development and grow its team and geographic reach. Pleo provides a business spending platform that pairs prepaid MasterCard company cards with backend software and mobile apps to automatically match receipts, categorise spending and track expenditures in real time. The prepaid cards can be issued physically or virtually and integrate with accounting software to eliminate expense reports and automate bookkeeping. The product emphasizes employee autonomy through micro-budgets and spending limits and aims to change company spending culture. More than 3,500 companies across the U.K., Denmark, Germany and Sweden use Pleo and the company had about 120 employees at the time of the article. Pleo plans to use the new funding to more than triple headcount to 400 by the end of 2020 and accelerate product development to service the entire purchase process across Europe, adding credit, invoices, mobile payments, a vendor marketplace, VAT reclaims and more. The company had raised $79M in total and was valued at a little under half a billion dollars following the Series B. Pleo provides smart payment cards that can be assigned to employees with individual limits, plus software and mobile apps to match receipts and analyze company spending in real time. The solution integrates directly with accounting software providers. The product is currently used by approximately 1,500 companies in the UK and Denmark. Pleo raised $16m in Series A financing and plans to use the funds to expand its services across Europe and accelerate product development. The company is co-based in Copenhagen, Denmark and London, UK. It was co-founded by Niccolo Perra and Jeppe Rindom.

Total raised

$472M

Funding rounds

8

Latest round

Debt Financing

Latest activity

May 2024