Danish Pleo 150m series, a smart business card and cost management tool provider with Danish roots, raised $150M in Series C funding.
The round, which increased the company’s estimated worth to $1.7 billion, was co-led by Thrive Capital and Bain Capital Ventures with support from Creandum, Kinnevik, Founders, Stripes, and Seedcamp. Along with the cash, Bain Capital Ventures Partner Keri Gohman will join the Pleo board of directors.
The company plans to utilise the money to iteratively improve its product offering, build its customer base, and expand its solution across Europe. Currently, the team has 330 employees.
Pleo is a business spending solution that provides smart company cards and automated expense reports for employees, allowing them to buy the things they need for work while giving finance teams complete control and visibility of all company spending. Pleo was founded in Copenhagen in 2015 by fintech industry veterans Jeppe Rindom and Niccolo Perra. Pleo captures receipts as they are received, classifies spending automatically based on prior behavior, and does away with the need for handwritten expense reporting.
Today, the business serves over 17,000 customers across six markets from its five European office sites in London, Stockholm, Berlin, Madrid, and Copenhagen (UK, Denmark, Sweden, German, Ireland, Spain).