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Danish B2B fintech Pleo hits unicorn status

Danish B2B fintech Pleo hits unicorn status

Pleo, the Danish outfit behind an expense management tool and linked smart company cards, has hit a $1.7 billion valuation thanks to a $150 million Series C funding round co-led by Bain Capital Ventures and Thrive Capital.

Founded in 2015 by former staffers from Danish startup Tradeshift, Pleo provides firms with an out-of-the-box business spending platform that offers smart company cards and automated expense reports for employees.

The new funds will be used to continue growing Pleo’s 17,000+ strong customer base as it aims to reach one million engaged users by the end of 2025.

The firm will also invest in its team, which currently stands at 330 people, while iterating its product offering.

Merritt Hummer, partner, Bain Capital Ventures, says: "Pleo is well positioned to become the dominant player in small business spend management, an $80B+ opportunity in Europe alone, and will only grow more essential to businesses as the company expands into bill payments in the near future."

Comments: (1)

A Finextra member
A Finextra member 06 July, 2021, 20:22Be the first to give this comment the thumbs up 0 likes

How are these evaluations made since no market trading takes place? Are these value assessments made by people who have intersts in the investments made in the companies? Most of these "fintech" companies still do not make profit, hardly even revenue and have unclear business models. In publicly traded companies such future value claims can hardly be published?