Pleo to raise $150 million series C co-led by Bain Capital Ventures and Thrive Capital

Pleo, a Copenhagen, Denmark and London, UK-based company providing payment card solutions that automates expense reports and simplifies company spending, announced closing a new funding deal, series C, at $150 million.

The money was raised from investors co-led by Bain Capital Ventures and Thrive Capital, and joined by Creandum, Kinnevik, Founders, Stripes and Seedcamp. The company said in the media that investors valued the deal at $1.7 billion.

Pleo, founded in 2015 and led by CEO Jeppe Rindom, developed a service that provides companies with payment cards that can be easily assigned to employees, with individually set limits. Their product is a smart company card linked to software and mobile apps, and which automatically matches receipts and tracks all company spending in real-time with detailed analytics. The company says it services around 17,000 customers, mainly small and medium businesses.

Pleo previously raised $56 million series B in 2019 and a total of 80 million prior to this deal.