HSBC Innovation Banking UK provided a €40 million debt financing loan to Pleo, a spend management platform provider headquartered in Copenhagen, Denmark.
The money will be used by the business to extend its credit offering into other nations and currencies.
Jeppe Rindom and Niccolo Perra founded Pleo in 2015 as a smart business spending solution for teams. Across Europe, its smart business card grants companies independence. Utilized by more than 30,000 businesses, it offers services including expenditure categorization, invoice payments, email syncing, and direct reimbursement.
Pleo’s overdraft facilities are already in use across Sweden, Germany, the UK and Denmark, with plans to launch in the Netherlands, with more markets to follow over the coming months.
Today, the firm has a staff of over 900 individuals, with nine office locations (Amsterdam, Berlin, Chennai, Copenhagen, Lisbon, London, Madrid, Paris and Stockholm).
In addition, Søren Westh Lonning has joined Pleo as a new CFO.
