How Much Did Pleo Raise? Funding & Key Investors

Date
February 24, 2025
Pleo

Total amount raised

$75.3 Millions

Latest funding date

May, 2019

Pleo

Location

Title

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https://www.pleo.io/
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Pleo has successfully raised significant funding across multiple rounds, attracting notable investors such as HSBC Innovation Banking and Alkeon Capital. The platform offers smart corporate cards and expense management solutions designed to streamline business expenses.

Keep reading to explore the intricacies of Pleo's fundraising journey and the investors backing this innovative platform.

What Is Pleo?

Pleo, founded in March 2015 by Jeppe Rindom and Niccolo Perra, is headquartered in Copenhagen, Denmark. The company provides smart corporate cards and expense management solutions designed to streamline business expenses.

With a team of 501-1000 employees, Pleo aims to revolutionize business spending for forward-thinking teams. Their platform offers features like individual spending limits, automated receipt capture, and real-time transaction visibility.

Pleo's solutions include automated expense management, virtual vendor cards, invoice management, employee reimbursements, and spending analytics, making it easier for businesses to manage their finances efficiently.

How Much Funding Has Pleo Raised?

  1. Seed Round
    • Amount Raised: $5.5M
    • Date: February 2017
    • Lead Investors: Creandum
    • Valuation at Round: Not publicly disclosed
    • Motivation Behind the Round: To develop the initial product and expand the team.
  2. Seed Round
    • Amount Raised: €500K
    • Date: May 2016
    • Lead Investors: Founders, Speedinvest
    • Valuation at Round: Not publicly disclosed
    • Motivation Behind the Round: To kickstart the company and build the foundational technology.
  3. Series A
    • Amount Raised: $16M
    • Date: May 2018
    • Lead Investors: Kinnevik
    • Valuation at Round: Not publicly disclosed
    • Motivation Behind the Round: To scale operations and enter new markets.
  4. Series B
    • Amount Raised: $56M
    • Date: May 2019
    • Lead Investors: Stripes
    • Valuation at Round: Not publicly disclosed
    • Motivation Behind the Round: To enhance product features and expand the customer base.
  5. Series C
    • Amount Raised: $150M
    • Date: July 2021
    • Lead Investors: Bain Capital Ventures, Thrive Capital
    • Valuation at Round: Not publicly disclosed
    • Motivation Behind the Round: To accelerate growth and expand into new regions.
  6. Series C
    • Amount Raised: $200M
    • Date: December 2021
    • Lead Investors: Coatue
    • Valuation at Round: $4.7 billion
    • Motivation Behind the Round: To solidify market position and enhance product offerings.
  7. Debt Financing
    • Amount Raised: €40M
    • Date: May 2024
    • Lead Investors: HSBC Innovation Banking
    • Valuation at Round: Not publicly disclosed
    • Motivation Behind the Round: To support global growth and expand credit offerings.

Total Amount Raised: $427.5M

Current Valuation: $4.7 billion

Key Investors

  • HSBC Innovation Banking
    • Details: HSBC Innovation Banking is a division of HSBC that focuses on providing banking services to innovative companies. They offer multi-currency, multi-jurisdictional facilities to support leading credit originators.
    • Investment Focus Areas: Innovation economy, multi-currency financial facilities, credit originators.
    • Notable Investments: Not publicly disclosed.
  • Coatue
    • Details: Coatue is a global investment firm that focuses on public and private companies in the technology, media, and telecommunications sectors. They manage both hedge funds and private equity funds.
    • Investment Focus Areas: Technology, media, telecommunications.
    • Notable Investments: Snap, DoorDash, ByteDance.
  • Bain Capital Ventures
    • Details: Bain Capital Ventures is the venture capital arm of Bain Capital, investing in early to growth-stage companies. They focus on technology-driven businesses.
    • Investment Focus Areas: Technology, early to growth-stage companies.
    • Notable Investments: LinkedIn, DocuSign, Jet.com.
  • Thrive Capital
    • Details: Thrive Capital is a venture capital firm that invests in internet and software investments. They have a strong track record of backing successful startups.
    • Investment Focus Areas: Internet, software.
    • Notable Investments: Instagram, Stripe, GitHub.
  • Stripes
    • Details: Stripes is a growth equity firm that invests in software and consumer businesses. They focus on partnering with market-leading companies.
    • Investment Focus Areas: Software, consumer businesses.
    • Notable Investments: Flatiron Health, Reformation, Snyk.

What's Next for Pleo?

Pleo's future looks promising with significant opportunities on the horizon. The recent €40 million debt financing from HSBC Innovation Banking will enable Pleo to expand its credit offerings and enter new markets, starting with the Netherlands. This move aligns with the growing demand for flexible financial solutions in the fintech industry, positioning Pleo to capture a larger market share.

As Pleo continues to grow, future fundraising rounds are likely to support its ambitious expansion plans. The company's strong investor backing and market presence make it well-positioned for additional funding. However, Pleo will need to navigate challenges such as market competition and regulatory compliance in new regions. Balancing these factors will be crucial for sustaining its growth trajectory.

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