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."