The start-up, which develops spend management software and cards for businesses, has raised a fresh round of $150m.
Pleo, a Danish fintech start-up, has raised $150m in a round that values the company at $1.7bn.
Founded in 2015, Pleo develops expense and reimbursement management software for businesses with an accompanying payments card. It generates revenue through subscriptions and interchange fees on its card.
Headquartered in Copenhagen, the start-up is now active in six markets with more than 300 employees and 17,000 customers. It entered the Irish market in 2020.
The Series C round was led by Bain Capital Ventures and Thrive Capital. Existing backers Creandum, Kinnevik, Founders, Stripes and Seedcamp also participated in the round.
Jeppe Rindom, co-founder and CEO of the start-up, said Pleo will be investing the funds in further hiring and product development to scale the company.
“We’ll be building on our existing features and making them even stronger, as well as deepening our market-specific offerings,” Rindom said.
“Lastly, we’ll be spending more time and investment looking at market expansion, whether that’s opening new territories, or doubling down on the six markets we’re in today. Offering truly local-first solutions so we can ‘win where we play’,” he added.
Geographical expansion remains focused on European countries for now, according to the company.
As part of the investment, Bain Capital Ventures partner Keri Gohman is joining Pleo’s board.
“The future of work empowers employees with the tools they need to be effective, productive and successful,” she said.
“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.”
This latest round brings Pleo’s total funding to date to around $228m. It last raised $56m in a Series B round in 2019.