With this new investment and the company’s valuation of $1.7 billion, Pleo says it’s never been “more excited to see what the future holds” for the business and what they’ll be creating with this capital injection.
The Pleo team notes that since launching operations back in 2015, they’ve come “a long way.” From opening up business offices across five other European markets to “winning local, national and global awards to growing the Pleo team to 330+ people to launching features such as Reimbursements and Bills.”
Pleo says it will use the proceeds to scale its business operations.
During the past 6 years, we’ve grown Pleo from “an acorn of an idea to a workforce of over 300 people based all around the world — without the team, there’s no Pleo,” the company added while noting that they now aim to streamline business spending and make everyone “feel valued at work.” So if that “floats your boat,” then you may be interested in potentially applying for a role at the firm.
In addition to hiring new talent, the Fintech firm says it wants to take that investment and “ramp up” its product offering for Pleo customers.
The company stated:
“We’ll be building on our existing features and making them even stronger, as well as deepening our market-specific offerings. We can’t wait to get started – that’s why we already have. Just take a look at our recent revamps to our reimbursements functionality, Pleo Pocket.”
“Lastly, we’ll be spending more time and investment looking at market expansion, whether that’s opening new territories, or doubling down on the six markets we’re in today.”
As noted in the announcement, this Series C round was co-led by Bain Capital Ventures and Thrive Capital, with contributions from investors who have reportedly been with the firm from the start: Creandum, Kinnevik, Founders, Stripes, and Seedcamp.
The company further noted:
“We’re thrilled to announce that Keri Gohman is joining Pleo’s board of directors. Gohman is a partner at Bain Capital Ventures and has been named one of the most influential people in accounting. With more than two decades of experience, Gohman has spent her entire career reinventing financial services and helping organisations solve global challenges.”
“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.”
This investment round has comes two years after Pleo’s Series B round, led by Stripes, which saw them acquire $56 million. Back in 2018, the firm acquired $16 million via their Series A, which helped them scale their business across Europe.