Pleo almost triples in value after $200m boost

FinTech scale-up Pleo has raised an extra $200 million in an extended Series C funding round, valuing the company at $4.7 billion.

Overall the round raised $350 million.

Pleo, which has an expense management tool and offers smart company cards, reached unicorn status earlier this year after raising $150 million in the original Series C funding round in July.

The new investment means the Danish business has nearly tripled in value from $1.7 billion.

The extension was led by the technology-focused investment manager, Coatue Management, followed by Alkeon Capital, joining Pleo’s Series C.

There was further support from the existing investors, Bain Capital Ventures, Thrive Capital, Creandum, Kinnevik, Founders, Stripes and Seedcamp.

The company said the money will enable it to further accelerate its growth plans, including a substantial roll out across Europe from next year.

The FinTech plans to expand to Austria imminently, with a further 14 EU countries to be added to the list, starting with Finland, the Netherlands, France, and Portugal.

“We’re thrilled to announce the extension of our Series C, welcoming Coatue and Alkeon to Pleo,” said Jeppe Rindom, co-founder and chief executive, Pleo. “Our growth in the last year has been exponential and the investment community has recognised our leading position.

”With such great investment partners on board, the future is extremely bright for Pleo and our mission to transform the way businesses look at spend management.”

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