Pleo, a Copenhagen, Denmark-based fintech provider of a simplified expense management tool and smart company cards, extended its Series C round by $200m (USD), bringing the total raised to $350m.
The extension, which has brought the valuation to $4.7 billion, was led by Coatue Management, followed by Alkeon Capital, and existing investors, Bain Capital Ventures, Thrive Capital, Creandum, Kinnevik, Founders, Stripes and Seedcamp.
The company intends to use the funds to further accelerate growth plans – including a roll-out across Europe from 2022. Having announced the imminent entrance into Austria, Pleo plans to expand in fourteen EU territories, starting with Finland, the Netherlands, France and Portugal.
Founded in Copenhagen in 2015 by fintech veterans Jeppe Rindom and Niccolo Perra, Pleo provides a business spending solution that offers smart company cards and automated expense reports for employees, enabling them to buy the things they need for work while giving finance teams full control and visibility of all company spending.
Pleo catches receipts on the go, automatically categorises expenses based on previous behaviour and eliminates the need to do manual expense reports.
Today, over 20,000 companies are using the company’s services across six markets (UK, Denmark, Sweden, German, Ireland, Spain).