# Pleo

> Source: https://docs.barcoder.ai/docs/wallets/pleo
> research date 2026-05-29 · extracted at 2026-10-03
> Publisher: Barcoder — encyclopedia of QR, barcode and payment-code standards

Specifications:
- [Pleo — official](https://www.pleo.io/)

## Overview

**Pleo** is **Europe's leading SMB expense-management + spend platform**, founded **2015 in Copenhagen, Denmark** <sup>[1][1], [2][2], [global-cro]</sup>. **40,000+ businesses served** + **€164 million ARR in Q4 2025** (65% CAGR 2020-2025).

**Funding + valuation** <sup>[3][3]</sup>:
- **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** <sup>[4][4]</sup>: 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** <sup>[2][2]</sup> 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** <sup>[1][1]</sup>: reached €164M ARR in Q4 2025.

**May 2024 — $43M HSBC Innovation Banking debt facility** <sup>[3][3]</sup>.

**September 2025 — Pleo Embedded launch** <sup>[4][4]</sup>.

**Sep-Oct 2025 — ~100 worker layoffs** <sup>[5][5]</sup>.

## 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

**Q4 2025 baseline** <sup>[1][1], [3][3]</sup>:
- **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](https://docs.barcoder.ai/docs/wallets/mamo)** (UAE SME analogous)
- **[Hala](https://docs.barcoder.ai/docs/wallets/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** <sup>[1][1], [3][3]</sup>:
- **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]: https://sacra.com/c/pleo/ "Pleo revenue + valuation + funding — Sacra"
[2]: https://www.pleo.io/en "Pleo — official"
[3]: https://tracxn.com/d/companies/pleo/__SDYHekL6O7QBE5Dhml7MBoQa0mXPmXfPuRqgya81VSk "Pleo — Tracxn"
[4]: https://www.crowdfundinsider.com/2025/09/252636-fintech-pleo-unveils-embedded-spend-management-solution/ "Pleo Embedded launch Sep 2025 — Crowdfund Insider"
[5]: https://tech.eu/2025/11/19/expense-management-firm-pleo-hit-by-layoffs/ "Pleo Sep-Oct 2025 layoffs — Tech.eu"

- [1] [Pleo revenue + valuation — Sacra][1]
- [2] [Pleo — official][2]
- [3] [Pleo — Tracxn][3]
- [4] [Pleo Embedded launch — Crowdfund Insider][4]
- [5] [Pleo Sep-Oct 2025 layoffs — Tech.eu][5]
- [global-cro] In-corpus: see country reports across 13 European countries

## Source

Biography extracted from [pleo.md](https://docs.barcoder.ai/source/wallets/pleo). See `matrix.md` for standards-support matrix if present.