Pleo plans to use the funds to explore M&A opportunities and accelerate European expansion. Here are the top-line bullets you need to know.
Pleo, a corporate spend management startup, has raised $200M in an extended Series C round that drew participation from Alkeon Capital Management, Bain Capital Ventures, Stripes Group, and Coatue Management, among others.
How’s the company performing?
- Denmark-based Pleo offers smart corporate payment cards and mobile apps to SMBs to help them track and manage company-wide spending in real time.
- The company has over 20K customers, and it onboards 1K new customers every month. Its client base includes Unity, Lyst, IDC, and Byron.
- Pleo maintains a presence across the UK, Germany, Denmark, Sweden, Spain, and Ireland.
- The company has over 400 employees.
Why does the market matter?
- The global spend management software market is expected to reach a value of $4B by 2027, growing at a CAGR of 17.7%, according to Verified Market Research.
- Rapid digitization has led to the proliferation of account information and spend data, increasing the demand for solutions to enhance data visibility, insight generation, and regulatory compliance.