Business services startup Pleo, which offers expense management tools and corporate smart cards for small and medium-sized businesses (SMBs), raised $ 200 million in a Series C cycle at a valuation of $ 4.7 billion, nearly triple its previous value.
The Danish startup previously joined the unicorn club in July after raising $ 150 million under the leadership of Bain Capital Ventures and Thrive Capital, reaching a valuation of $ 1.7 billion and bringing its total funding to $ 350 million. .
Read more: Danish start-up Pleo closes $ 150 million funding deal at a valuation of $ 1.7 billion
With this new assessment, the FinTech unicorn has become the largest expense management company in Europe and the startup with one of the biggest C-Series towers in the region.
“The point is, we didn’t need to keep increasing this year – but our C Series saw such demand that this expansion was made possible. We have high ambitions to continue our growth across Europe, helping more companies solve their spend issues and empower their teams, ”Pleo co-founder and CEO Jeppe Rindom said in a statement.
He added: “Money helps, but we are not complacent. We will continue to be Pleo: moving forward, doubling our team of 400 people, iterating our product, creating more tools and features, moving us from invoice management and employee reimbursements to loans and -of the. It is an extremely exciting time and we look forward to the next stage in Pleo’s growth.
Founded in 2015, the Copenhagen-based company has more than 20,000 corporate clients in Denmark, Sweden, Germany, Spain, Ireland and the UK, and generates revenue primarily through card interchange fees from credit – around 70% – paid subscriptions bringing in the rest. .
As a sign of increasing growth, FinTech scaling has seen as many as 1,000 new customers start with Pleo every month for the past six months, with the launch of a freemium model in October for customers in the United States. UK, Ireland, Sweden and Denmark.
According to the cabinet, the new round table will go towards a “massive” deployment in 15 new territories in Europe next year, starting with Austria and followed by Finland, the Netherlands, France and Portugal. The company then plans to reach more than 20 countries by 2023 and acquire one million engaged users by the end of 2025.
See also: Pleo launches “Bills” to digitize invoicing for SMEs
Overall, it’s been a busy year for the business spending company, starting in April when it added additional business services for invoice management with the addition of a new feature, titled Invoices.
As reported by PYMNTS, the feature allows SMBs to forward their invoices to a Pleo Bills email address, where documents are processed using optical character recognition (OCR) technology and prepared for posting. payment. Pleo also crosses invoices for duplicates and authenticity before they can be approved for payment.
And last year, the company launched an expense management tool under the Pleo Pocket brand to help businesses centralize data on employee expenses, including mileage charges, reimbursements, and ATM withdrawals. , as well as setting limits on employee spending.
More details: Pleo launches the Pleo Pocket expense management tool
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