Pleo raises $150 million from investors
This week, Denmark based business spending platform, Pleo has raised $150 million in its series C funding round which takes the company’s valuation to $1.7 billion. VC investors this year have provided collectively over $3.73 billion in startup funding to commercial payments fintechs.
Pleo’s funding round was led by Bain Capital Ventures and Thrive Capital, with contributions from existing investors such as Creandum, Kinnevik, Founders, Stripes and Seedcamp.
The news comes just after Volt raised $23.5 million in its Series A funding last month.
Pleo noted that the funding would be used towards scaling of the company, ramping up its product portfolio, and market expansion which the company says will double down on the existing six markets they currently operate in.
Currently, according to the company’s website, Pleo has over 17000 customers. The company works to incorporate spending management platforms and payments and company’s corporate cards are issued by Mastercard which are accepted by over 30 million merchants worldwide. Pleo Financial Services is a regulated Electronic Money Institution, authorised by the Financial Supervisory Authority, Denmark.