Fintech scale-up Pleo, which offers a simplified expense management tool and smart company cards, has just extended its Series C round by $200m (USD), bringing the total raised to $350 million. Having reached unicorn status in July 2021, the new funding has nearly tripled their valuation to $4.7 billion and means Pleo consolidates its position as the largest spend management company in Europe.
Mendel, a corporate spend management solution for enterprises in Latin America, announced today that it has secured $35 million in debt and equity. The Mexico-based startup closed the $15 million Series A round and $20 million debt financing after participating in Y Combinator’s Winter 2021 cohort. ALLVP and Infinity Ventures, a firm founded by a […]
New business model: Pleo expands its European services and moves into the free price segment with its new ‘Free’ product offering. The new strategy comes as the scale-up moves to establish itself as a go-to spending solution for forward-thinking teams.
Fintech scale-up Pleo, which offers a simplified company spending solution, smart company cards and bill payment processing, announces its new business model incorporating a no-fee service for customers in the UK, Ireland, Sweden and Denmark.
The investment, led by Bain Capital Ventures and Thrive Capital, makes Pleo the latest privately-held tech company in Europe to surpass the coveted $1 billion unicorn valuation. The whole digitization and automation of finance processes has been going on for a while, Jeppe Rindom, CEO and co-founder of Pleo, told CNBC in an exclusive interview.
Pleo makes about 70% of its revenue from interchange fees taken from a merchant s bank account every time a customer uses their card. The other main chunk of the company s sales comes from paid subscriptions.
The coronavirus pandemic has been an accelerator for Pleo, Rindom said, adding that the working-from-home trend offset a decline in international business travel. The company s customer base more than doubled over the course of 2020 to 17,000, he said.