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New plan for Pleo as expense management platform introduces free tier

CEO Jeppe Rindom hopes the power of free will help Pleo reach a million users.

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Jeppe Rindom/Pleo.

After reaching unicorn status earlier this year, expense management fintech Pleo is overhauling its pricing structure and introducing a free tier to attract more users.

The Free plan, which launches today, includes the basic Pleo service with expense cards, automated reports and digital receipt capture for up to five users.

Pleo’s Pro plan starts at £10/person/month and adds individual spending limits, expense reviews and real-time analytics, while Pleo’s Premium plan is available on-demand for companies requiring a dedicated account manager and custom onboarding for staff.

Jeppe Rindom, CEO and co-founder of Pleo, said the move is driven by the fintech’s aim to help transform how businesses manage their spending and that “revenue growth has never been our core goal”.

“We’re thrilled to now be in a position, as one of the leading companies in the B2B spend management market, where we can realign our pricing strategy to bring Pleo to more businesses, no matter their size.”

The news comes a day after Pleo announced its own virtual leadership conference, Forward, on 9 December with headline speakers from Spotify, Netflix, Hopin and Airbnb.

In July Pleo raised $150m as part of its Series C fundraise, led by Bain Capital Ventures and Thrive Capital, aimed at helping the fintech reach 1m customers by 2025.

Pleo is also using the capital to expand its workforce, which currently stands at 330 employees, and grow its product offering.

Earlier this year Pleo added an invoice management feature, called Bills, to its ever-growing repertoire of expense management tools. 

Bills lets SMEs forward invoices they receive to a Pleo Bills email address where the documents are processed by OCR technology and prepared for payment.

The expense management space is attracting a huge amount of interest lately, with Paris-based fintech Spendesk raising €100m in July in a Series C led by General Atlantic.

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