After $150 Million Round, Startup Pleo Becomes Denmark’s First Fintech Unicorn

Pleo, a Danish fintech startup in the expense management sector, has raised $150 million in a recent equity financing round, rocketing its valuation to $1.7 billion, making it Denmark’s fastest unicorn. The firm provides expense management software and “smart” company cards for small and medium businesses across Europe and with plans to expand. The coronavirus pandemic accelerated electronic payments and online shopping worldwide, and Pleo is just one of many fintech companies that experienced tremendous growth as a result.

The company was founded by Jeppe Rindom and Niccolo Perra, both former early members of Tradeshift — the successful supply chain payments startup — which drove them to exit and produce a state-of-the-art expense management platform. The recent funding, the largest of its kind in Denmark’s history, was co-led by Bain Capital and Thrive Capital and brings Pleo’s to-date total to nearly $230 million raised. Pleo is in the middle of a competitive corporate spend management market, with Expensify and Concur already leading the pack. It intends to use the new funding to expand its customer base and its workforce, while also working on new product features.