Wallets/pleo
Pleo
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Overview
Pleo is Europe's leading SMB expense-management + spend platform, founded 2015 in Copenhagen, Denmark [1, 2, [global-cro]]. 40,000+ businesses served + €164 million ARR in Q4 2025 (65% CAGR 2020-2025).
Funding + valuation [3]:
- Cumulative funding: ~$427.5 million across equity + debt
- May 2024 — $43M debt facility from HSBC Innovation Banking for expanded credit + multi-currency overdrafts across European markets
- December 2021 — $200M Series C at $4.7B valuation — European spend-management unicorn
Sep 2025 — Pleo Embedded launch [4]: Embedded finance solution empowering partners (managing large SMB-customer networks) to offer real-time financial intelligence via spend + cash management capabilities: smart company cards + automated expenses + accounts payable + real-time cash management — fully white-labelled or co-branded.
Caveat 2025: ~100 worker layoffs (Sep-Oct 2025) — distinctive growth-vs-efficiency rebalancing context.
European expansion: UK + Denmark + Germany + Sweden + Netherlands core + Spain + France + Finland + Norway + Ireland + Austria + Belgium + Luxembourg.
History
2015 — Pleo founded [2] in Copenhagen by Jeppe Rindom (CEO) + Niccolo Perra (CTO) — both ex-Tradeshift.
2018-2021 — Multi-million-dollar funding rounds: Pleo + European SMB expense-management dominance.
December 2021 — $200M Series C at $4.7B valuation — European unicorn.
2020-2025 — ARR 65% CAGR [1]: reached €164M ARR in Q4 2025.
May 2024 — $43M HSBC Innovation Banking debt facility [3].
September 2025 — Pleo Embedded launch [4].
Sep-Oct 2025 — ~100 worker layoffs [5].
Ownership & operator
Operating entity: Pleo Technologies A/S (Copenhagen, Denmark).
Co-founders: Jeppe Rindom (CEO) + Niccolo Perra (CTO) — both ex-Tradeshift.
Major investors: Bain Capital Ventures + Coatue + Thrive Capital + General Catalyst + Stripes + Creandum + Kinnevik + Founders + Seedcamp + Bonnier Magazines + HSBC Innovation Banking (debt).
Regulators: DFSA (Danish FSA) + ECB + per-country European regulators.
Technical integration
| Layer | Description |
|---|---|
| Channels | Pleo mobile app (iOS + Android) + Pleo web + API + Pleo corporate cards |
| Identifiers | Email + card number + business account |
| Customer type | European SMBs (small + medium businesses) |
| Products | Smart company cards + automated expenses + accounts payable + real-time cash management + Pleo Embedded white-label solution |
| Coverage | 13+ European countries (DK + GB + DE + SE + NL + ES + FR + FI + NO + IE + AT + BE + LU) |
| License | E-Money Institution (DFSA-licensed) + corporate-card-issuer |
| 2024 debt facility: $43M HSBC Innovation Banking |
Users & growth
- Businesses served: 40,000+
- Q4 2025 ARR: €164 million
- 2020-2025 ARR CAGR: 65%
- Cumulative funding: ~$427.5M (equity + debt)
- Dec 2021 Series C: $200M at $4.7B valuation
- May 2024 debt facility: $43M HSBC Innovation Banking
- 2025 milestone: Pleo Embedded launch (Sep 2025)
- 2025 caveat: ~100 worker layoffs (Sep-Oct 2025)
Use cases
European SMB expense management + spend platform (40K+ businesses; €164M Q4 2025 ARR); smart company cards + automated expenses + accounts payable + real-time cash management; Pleo Embedded (Sep 2025+) white-label/co-branded solution for partners managing SMB-customer networks; multi-country (13+ European countries) expansion.
Implementations & partners
Operator: Pleo Technologies A/S (Jeppe Rindom CEO + Niccolo Perra CTO).
Major investors: Bain Capital Ventures, Coatue, Thrive Capital, General Catalyst, Stripes, Creandum, Kinnevik, Founders, Seedcamp, Bonnier Magazines + HSBC Innovation Banking (debt).
Major European SMB-expense + spend-management competitors:
- Spendesk (French SMB expense + spend; Brex-like)
- Soldo (UK SMB expense)
- Mooncard (FR SMB expense)
- Capital on Tap (UK SMB cards)
- Klarna for Business (BNPL for SMB)
- Brex (US/global SMB expense)
- Ramp (US SMB spend)
- [[mamo]] (UAE SME analogous)
- [[hala]] (Saudi SME comprehensive analogous)
Regulators: DFSA + ECB + per-country.
Fun facts
- 2015 Copenhagen founding by Jeppe Rindom + Niccolo Perra (both ex-Tradeshift).
- Q4 2025 ARR €164 million (65% CAGR 2020-2025).
- December 2021 $200M Series C at $4.7B valuation — European spend-management unicorn.
- September 2025 Pleo Embedded launch — white-label + co-branded SMB spend infrastructure.
- 40,000+ businesses served; 13+ European countries.
- Backed by Bain Capital + Coatue + Thrive + General Catalyst + Stripes + Creandum + Kinnevik + Founders + HSBC Innovation Banking (debt).
- 2025 caveat: ~100 worker layoffs (Sep-Oct 2025) — growth-vs-efficiency rebalancing.
Comparison
| Feature | Pleo | Spendesk (FR SMB expense rival) | Soldo (UK SMB expense rival) | Brex (US/global SMB expense rival) | Ramp (US SMB spend rival) |
|---|---|---|---|---|---|
| Operator | Pleo Technologies A/S (Jeppe Rindom CEO + Niccolo Perra CTO; Bain + Coatue + Thrive + General Catalyst + Creandum + Kinnevik + HSBC backed) | Spendesk | Soldo | Brex Inc. | Ramp Business Corp. |
| Type | European SMB expense + spend platform + Pleo Embedded | French SMB expense (Brex-like) | UK SMB expense | US/global SMB expense + cards | US SMB spend + cards |
| Country | 13+ European countries (DK + GB + DE + SE + NL + ES + FR + FI + NO + IE + AT + BE + LU) | France + Europe | UK + Europe | US + global | US + global |
| Customers | 40K+ businesses + €164M Q4 2025 ARR (65% CAGR 2020-2025) | Major European | Major UK + EU | Major US + global | Major US + global |
| Funding/valuation | $427.5M cumulative; Dec 2021 $200M Series C at $4.7B valuation; May 2024 $43M HSBC debt | $300M+ | Major UK | $1.5B+ at $12.3B valuation 2023 | $2.5B+ at $13B valuation 2025 |
| Distinctive | Copenhagen-headquartered; Sep 2025 Pleo Embedded white-label; ex-Tradeshift co-founders | FR Brex-like spend | UK + EU SMB cards | US/global SMB expense leader | US SMB spend AI-automation |
Status
Active, Europe's leading SMB expense-management + spend platform [1, 3]:
- Pleo Technologies A/S (Jeppe Rindom CEO + Niccolo Perra CTO) since 2015.
- 40,000+ businesses served + €164M Q4 2025 ARR (65% CAGR 2020-2025).
- Cumulative ~$427.5M funding; Dec 2021 $200M Series C at $4.7B valuation.
- 2025 milestones: Pleo Embedded launch + ~100 worker layoffs.
- 13+ European countries coverage.
- DFSA + ECB + per-country regulated.
Sources
- 1 Pleo revenue + valuation — Sacra
- 2 Pleo — official
- 3 Pleo — Tracxn
- 4 Pleo Embedded launch — Crowdfund Insider
- 5 Pleo Sep-Oct 2025 layoffs — Tech.eu
- [global-cro] In-corpus: see country reports across 13 European countries
Source
Biography extracted from pleo.md. See matrix.md for standards-support matrix if present.