Copenhagen-based fintech company Pleo has secured €40 million in debt financing from HSBC Innovation Banking. Co-founded by Jeppe Rindom and Niccolo Perra in 2015, Pleo hit the road with the mission to help businesses with their expense management. To ease the pain of finance teams, they’ve come up with smart company cards so that employees can meet work-related requirements. This automates the process and enables businesses to manage their reimbursements, invoices and mileage expenses while connecting to their main accounting system. The recent financing round will help them improve their offerings. The company also welcomes Søren Westh Lonning as CFO.
Pleo offers a modern alternative to traditional expense management methods and helps companies of all sizes streamline their spending processes, replacing petty cash, shared company cards, and manual expense reports with a seamless, efficient system. With Pleo, employees use their own company cards for expenses, which are then tracked and managed through the Pleo app. This eliminates the need for manual expense reports, saving time and reducing errors. Pleo also provides tools for setting card limits, creating expense review thresholds, and accessing real-time spending analytics, giving businesses greater control over their finances.
With Pleo’s overdraft facilities already in use across Sweden, Germany, the UK and a recent launch in Denmark, the fintech unicorn will use the debt financing facility to drive further growth across Europe starting with overdraft facilities being rolled out to the Netherlands over the coming weeks.
Over the last six months, the average company has seen 6% of their total transactions fail due to insufficient funds. Pleo’s partnership with HSBC Innovation Banking will alleviate such pain points and boost its credibility in the market- fuelling further growth in what has already been an impressive period for the company.
“This transaction demonstrates HSBC Innovation Banking’s capabilities to provide multi-currency, multi-jurisdictional facilities to support leading credit originators launching new and innovative products. We’re proud to be providing Pleo with this facility and look forward to supporting them to continue on their global growth trajectory,” says Conor Sheehy, Managing Director, Head of Warehouse Finance, HSBC Innovation Banking UK.
“Beyond this milestone partnership and imminent launch in the Netherlands, we are expecting to see exciting developments over the coming 12 months as we prepare to launch in even more markets,” Amit Kahana, VP of Credit and Treasury at Pleo added.
This latest news from Pleo comes alongside confirmation that Søren Westh Lonning has officially joined the company as CFO. Announced back in December, Søren’s appointment brings over 20 years of financial leadership experience to complement the existing leadership team at Pleo.
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