TechCrunch
Pleo picks up $200M at a $4.7B valuation to build the next generation of business expense management
Danish startup Pleo, a developer of expense management tools aimed at SMBs to let them issue company cards and better manage how employees spend money, has picked up a large tranche of funding to help it double down on its business at a time of strong growth. The company has raised $200 million, money that Jeppe Rindom, Pleo’s co-founder and CEO, said it will be using in areas like M&A, picking up the pace on expanding to new countries, bringing more functionality into its core product, and generally expanding its presence as a key enabler of “the future of work” — a massive theme at the moment in the world of business, given the changes so many were compelled to make in the wake of the Covid-19 pandemic. Indeed, while some areas of company spend like business travel and entertainment (eg, business lunches) have all but stopped for many, the actual need for companies to better manage how and where money is spent by employees is in reality greater than ever before, given the distributed way that many of us are working today.
