Pleo will use the cash to grow its current product offering, increase staff numbers and attract more customers.
Expense management platform Pleo has joined the ranks of newly-minted unicorns such as Zego and Deel, following a new fundraise valuing the company at $1.7bn.
The fintech raised $150m in a round co-led by Bain Capital Ventures and Thrive Capital, with Keri Gohman, partner at Bain Capital, joining Pleo’s board of directors.
“We’re thrilled to be working alongside Bain and Thrive, and incredibly thankful to our other investors – Stripes, Kinnevik, Creandum, Founders and Seedcamp – who continue to support our journey,” Jeppe Rindom, CEO and co-founder of Pleo, said.
“We’re confident the partnerships, new and ongoing, will help us achieve our life-long mission to transform how businesses handle their spending, all while making their people feel valued at work. Our growth so far is a real testament to all our hard work, but also the 17,000+ customers who place trust in our product every day — it really shows we’re onto something here.”
In the six years since it was founded, Pleo has expanded outside of its native Denmark, now operating across six markets including the UK, Ireland, Spain Germany and Sweden.
"The future of work empowers employees with the tools they need to be effective, productive, and successful,” Gohman, partner at Bain Capital Ventures and newly appointed Pleo board member, added.
“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."
With the fresh cash, Pleo plans to continue to grow its customer base and hopes to reach 1m customers by the end of 2025.
Pleo will also use the capital to expand its workforce, which currently stands at 330 employees, and grow its product offering.
The feature, called Bills, will let SMEs forward invoices they receive to a Pleo Bills email address where the documents are processed by OCR technology and prepared for payment.