Pleo will use the funding to double down on the UK market. Here are the top-line bullets you need to know.
Pleo, a business expenditure platform, has raised $150M in a Series C. The round drew participation from Bain Capital, Seedcamp, Stripes Group, Thrive Capital, Creandum, and Kinnevik.
How’s the company performing?
- Denmark-based Pleo offers smart business cards to automate expenditure reports and make spending easier. These business cards work in tandem with software and mobile apps to match receipts and track expenditure in real-time.
- Over the course of 2020, the company’s client base has doubled to 17,000 small and medium enterprises and includes IBDO, Lyst, Byron, and IDC, among others.
- The company operates in Denmark, Sweden, Germany, Spain, Britain, and Ireland.
Why does the market matter?
- The corporate credit card market is projected to grow at a CAGR of 8.3% and reach a value of $7.4B by 2030, according to MarketResearch.Biz.
- This growth has been fueled by growing digitization across industries. As a result, businesses require a solution that unifies spend management software and expense reporting and analytics.