Total amount raised
$75.3 Million
Latest funding date
5/1/2019
Location
Pleo has successfully raised funds through seven different rounds, with the latest being a debt financing round led by HSBC Innovation Banking. The company is backed by a total of 12 investors, including notable names like Alkeon Capital.
Keep reading to explore the intricacies of Pleo's fundraising journey and the investors backing this innovative platform.
What Is Pleo?
Pleo is a FinTech company based in Copenhagen, Denmark, specializing in smart payment cards for employees to purchase work-related products. The company operates within the financial services, fintech, information technology, mobile payments, and payments industries.
Founded in 2015, Pleo has grown to employ between 501-1000 people. The company aims to centralize business spending, offering solutions like individual spending limits on company cards and real-time expense management for admins.
How Much Funding Has Pleo Raised?
- Seed Round
- Amount Raised: USD 5500000
- Date: February 2017
- Lead Investors: Creandum
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To develop and launch their smart payment card solution for businesses.
- Seed Round
- Amount Raised: EUR 500000
- Date: May 2016
- Lead Investors: Founders, Speedinvest
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To kickstart the company and build the initial product.
- Series A
- Amount Raised: USD 16000000
- Date: May 2018
- Lead Investors: Kinnevik
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand their market reach and enhance product features.
- Series B
- Amount Raised: USD 56000000
- Date: May 2019
- Lead Investors: Stripes
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and enter new markets.
- Series C
- Amount Raised: USD 150000000
- 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 their product offerings.
- Series C
- Amount Raised: USD 200000000
- Date: December 2021
- Lead Investors: Coatue
- Valuation at Round: USD 4700000000
- Motivation Behind the Round: To achieve unicorn status and further international expansion.
- Debt Financing
- Amount Raised: USD 40000000
- Date: May 2024
- Lead Investors: HSBC Innovation Banking
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the Overdraft feature and enhance credit offerings.
Total Amount Raised: USD 477500000. Current Valuation: USD 4700000000.
Key Investors
- HSBC Innovation Banking
- Details: HSBC Innovation Banking is a specialist financial partner for the innovation economy, providing multi-currency, multi-jurisdictional facilities to support leading credit originators launching new and innovative products.
- Investment Focus Areas: Financial services, banking, innovation.
- Notable Investments: Not publicly disclosed.
- Coatue
- Details: Coatue is a global investment firm focused on technology, media, and telecommunications sectors. They invest in both public and private markets.
- Investment Focus Areas: Technology, media, telecommunications, consumer sectors.
- 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 across various sectors.
- Investment Focus Areas: Technology, healthcare, financial services.
- Notable Investments: LinkedIn, DocuSign, Jet.com.
- Thrive Capital
- Details: Thrive Capital is a venture capital firm that invests in technology and media companies, focusing on internet and software investments.
- Investment Focus Areas: Technology, media companies.
- Notable Investments: Instagram, Stripe, GitHub.
- Stripes
- Details: Stripes is a growth equity firm that invests in internet, software, and consumer businesses, aiming to partner with market leaders.
- Investment Focus Areas: Consumer products, software, healthcare IT.
- Notable Investments: Flatiron Health, Reformation, Snyk.
What's Next for Pleo?
With the recent €40 million debt financing from HSBC Innovation Banking, Pleo is poised to expand its Overdraft feature to new markets, including the Netherlands. This move will allow the company to offer higher credit limits and broaden its credit offerings to more customers across various countries and currencies. The opportunity to enter new markets and enhance product offerings is significant, given Pleo's current operations in 16 markets and its service to over 30,000 companies.
Future fundraising opportunities seem promising as Pleo continues to grow. The recent funding suggests potential for additional rounds to support further expansion and product development. However, the company will need to navigate regulatory requirements in different countries and manage the risks associated with providing credit and overdraft facilities. Competition from other fintech companies offering similar services also poses a challenge.
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