The Copenhagen-based Pleo, a Fintech startup, raised USD 150 Million in a Series C funding round. After this funding round held on Tuesday (06.July.2021), the startup values at USD 1.7 Billion. This round is set to be recorded as the largest Series C round in the Danish Market.
The investors who co-led this round were Bain Capital Ventures and Thrive Capital. The participants in this round were the previous backers like Stripes, Seedcamp, Kinnevik, Founders, Creandum. In 2019, Pleo’s Series B round was led by Stripes. The original intention of this round was to raise nearly USD 100 Million, but it seems to be oversubscribed by USD 50 Million more.
Pleo will utilize this funding raised to expand its footprints. Currently, the startup has 330 employees, which are spread across Copenhagen, Stockholm, Madrid, London, and Berlin. It is also looking forward to expanding the workforce in the proportion of its reach.
Words from the investors –
“The future of work empowers employees with the tools they need to be effective, productive, and successful,” said Keri Gohman, a partner at Bain Capital Ventures. “Pleo understands this critical shift for modern companies toward employee centricity—providing workers with a fun-to-use spend management app that automatically tracks their corporate spending and generates expense reports, paired with the powerful tools businesses need to create full visibility and management of every penny spent.”
“BCV invests in founders who aren’t afraid to tackle big problems, and Jeppe and Nicco saw a big challenge that employers faced—tracking all corporate spending and reconciling expenses back to the general ledger—and solved it with elegant technology that both employers and employees love,” added Merritt Hummer, a partner at Bain Capital Ventures.
Bain Capital Ventures has been an active investor in the European Fintech market, it also backs startup-like GoCardless.
“Pleo has already transformed the way that over 17,000 companies think about managing their expenses, saving them time and lowering costs while increasing transparency,” – Kareem Zaki, a general partner at Thrive Capital.“We are excited to partner closely with the Pleo team to help drive their next phase of growth.” – he added.
Thrive Capital is also a notable backer as it has backed startups like Gong, Trade Republic, and Plaid.
About Pleo –
Pleo is a fintech startup that has built a platform that aids employees in making smart card payments and managing the expenses for the companies. The platform helps to perform managing tasks smoothly, with the integration of expense management software, card payments, integrated reimbursement and pay-out services.
It was initiated by Jeppe Rindom and Niccolo Perra in March 2015, having its headquarters in Copenhagen, Hovedstaden, Denmark.
“In the beginning, we ran with a partner in services like payments, but it didn’t allow us to move fast enough. So we decided to take all of that in-house.” – Jeppe Rindom, Co-founder, Pleo.
“When it comes to our infrastructure we use it only for ourselves,” he said. “We have no plans of selling [for example, payments] as a service, even if we do have a lot of other ideas for broadening our offerings.” Indeed, the ability to pay invoices was launched in April this year. “We come up with things all the time, but will launch only those relevant to customers.” – he added.
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