Pleo raises $150 mn in Series C round co-led by Bain Ventures & Thrive Capital

By Megha Bhattacharya

FinTech scale-up Pleo, which offers a simplified expense management tool and smart company cards, has raised its Series C round totalling $150 million, giving the company a unicorn valuation of approximately $1.7 billion. The investment round was co-led by Bain Capital Ventures and Thrive Capital, with contributions from investors who continue to support Pleo, including Creandum, Kinnevik, Founders, Stripes and Seedcamp.

Jeppe Rindom, Co-founder and CEO at Pleo, says: “We’re thrilled to be working alongside Bain and Thrive, and incredibly thankful to our other investors – Stripes, Kinnevik, Creandum, Founders and Seedcamp – who continue to support our journey. We’re confident the partnerships, new and ongoing, will help us achieve our life-long mission to transform how businesses handle their spending, all while making their people feel valued at work.

Our growth so far is a real testament to all our hard work, but also the 17,000+ customers who place trust in our product every day — it really shows we’re onto something here. Over the past six years, we’ve grown from an acorn of an idea to a growing team of over 330 people across six markets. The future is extremely bright as we gain our Unicorn status.”

Keri Gohman, Partner at Bain Capital Ventures, will also join Pleo’s board of directors. With more than two decades of experience, Gohman has spent her entire career reinventing financial services and helping organisations solve global challenges.

Keri Gohman, Partner at Bain Capital Ventures, says: “The future of work empowers employees with the tools they need to be effective, productive, and successful. Pleo understands this critical shift for modern companies toward employee centricity—providing workers with a fun-to-use spend management app that automatically tracks their corporate spending and generates expense reports, paired with the powerful tools businesses need to create full visibility and management of every penny spent.”

The funds raised will be used to continue growing Pleo’s already 17,000+ strong customer base as it aims to reach 1 million engaged users by the end of 2025. Pleo will also continue to invest in its team, which currently stands at 330 people, while iterating its product offering, to help both growing and established businesses manage their company spending in a simplified yet efficient way.